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In the last decade, in Manhattan? What on Earth for? Partly to upsell more complex products like investments and mortgages, but mainly because surveys have sho
by goatinaboat 7y ago
In the last decade, in Manhattan? What on Earth for?
Partly to upsell more complex products like investments and mortgages, but mainly because surveys have shown that wealthier demographics will only use online banking if there is a branch nearby “in case”. The cost of a branch is dwarfed by the additional revenue from those customers.
Source: used to work for a bank that did this, and those were the reasons.
- imglorp 7y agoUntil those people--the ones who won't manage their investments on a web page--start to die off. Then maybe all those branches will start to die back for fewer rare services that truly need in person presence.
- RHSeeger 7y agoI'm one of those people that require an "in case" bank nearby. I've had to visit the bank in person multiple times in the past year because they kept screwing up paperwork. In my experience, trying to deal with those situations on the phone has a high likelihood of both taking a long time and not actually resolving it. Plus I have a safety deposit box at my bank for important documents.
- exhilaration 7y agoPlus I have a safety deposit box at my bank for important documents. Did you see this article and discussion about safe deposit boxes? https://news.ycombinator.com/item?id=20545276 https://news.ycombinator.com/item?id=20545276
- RHSeeger 7y agoI hadn't seen it. I'll go read it. Thanks