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I think banks make a lot of money off private wealth management. It's probably worth their while from a visibility and convenience perspective to have many loc
by tcbawo 7y ago
I think banks make a lot of money off private wealth management. It's probably worth their while from a visibility and convenience perspective to have many locations available to gain/poach clients.
- ghaff 7y agoThe overall trend is slightly down for bank branches [1] but only slightly. I expect that a lot of banks (and this probably applies to things like cellular phones as well) find that having retail visibility that seems, from a strictly utilitarian aspect, almost comically oversized compared to the actual need to still be a win. I get it to some degree. I very rarely need a physical bank/brokerage branch but it's handy now and then so my choice of vendor for a largely commodity service is at least somewhat biased by retail availability. [1] https://fred.stlouisfed.org/series/DDAI02USA643NWDB https://fred.stlouisfed.org/series/DDAI02USA643NWDB
- coredog64 7y agoMany of the locations are a block of ATMs secured behind a door. Your ATM card is required for entry, and occasionally there’s a security guard who looks like he could be a bouncer at a club. Or, at least, that’s the majority of the Chase locations near me. TD Bank appears to actually have people working in customer facing roles.
- bluGill 7y agoMy credit union is an bunch of ATMs for most things. However those "bouncers" are notary publics (as I discovered when I needed that service a few months ago), can answer deep questions about various things, and help with loan applications. Need to get cash - the ATM is better at counting than the humans ever were.