In addition to closing branches and cutting workers in back-office positions such as technology and operations, banks also have encouraged customers to use lower-cost services such as ATMs and online banking. The upside for closing a branch, from the bank’s perspective, can be considerable. A mobile banking interaction costs about 10 cents, according to Bain, whereas interacting with a bank teller costs a bank about $4.
In addition to closing branches and cutting workers in back-office positions such as technology and operations, banks also have encouraged customers to use lower-cost services such as ATMs and online banking. The upside for closing a branch, from the bank’s perspective, can be considerable. A mobile banking interaction costs about 10 cents, according to Bain, whereas interacting with a bank teller costs a bank about $4. Lisa Poole AP
In addition to closing branches and cutting workers in back-office positions such as technology and operations, banks also have encouraged customers to use lower-cost services such as ATMs and online banking. The upside for closing a branch, from the bank’s perspective, can be considerable. A mobile banking interaction costs about 10 cents, according to Bain, whereas interacting with a bank teller costs a bank about $4. Lisa Poole AP

Banks can hurt themselves when they close a branch

December 08, 2016 05:04 PM

UPDATED December 18, 2016 03:12 PM

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