Bank and Credit Union Branches Becoming a Thing of the Past?
In recent years, many have pondered over the continued existence of physical branches. There has been a steady trend of banks and credit unions closing their branches as more and more members take care of their financial needs digitally.
This year’s Bank Customer Experience Summit will take place in Chicago from August 31st to September 1st and it will tackle this looming question. Opening keynote speaker, Stephen Griffin is the Director of the Retail Distribution Planning Group at Regions Bank, which has nearly 1,500 locations across 16 states.
Griffin’s segment will address whether, from his experience, he believes bank and credit union branches will be a thing of the past or transform into something else.
In 2021, 2,927 branches of US banks were closed, a 38% rise from 2020 which saw 2,126 branch closures. 1 The number of brick-and-mortar financial institution locations has been on a steady decline since 2012, with a dramatic plummet in numbers taking place in 2020 during the COVID-19 pandemic. 1
With this decline in physical branches, bank and credit union members are now turning to ATMs to take care of their financial tasks. Members can deposit cash and checks, make transfers between accounts and check account balances all from their local ATM.
That is why it is now more important than ever to have an ATM local to your members! Reassure them that your bank or credit union is there for them and prepared to take care of all their financial needs with conveniently placed, professionally maintained, and prominently branded ATMs.
By partnering with AOne ATM, your credit union or bank will enjoy hassle-free turn key ATM outsourcing. Our industry leading ATM Outsourcing company will provide your financial institution with state-of-the-art bank grade ATM equipment, branded to your company’s brand standards, and remotely monitored for maximum uptime. We will also provide and fill your ATM placements with our cash and provide cash forecasting analysis.
Visit our Credit Union & Bank Services page to learn more about our ATM management services, view some of our current partners enjoying our headache free ATM Outsourcing solution, and fill out our contact form to get in touch with an AOne ATM professional today! Or, call 864.940.0407 to speak directly to an AOne ATM representative about your Credit Union or Bank’s ATM Outsourcing questions.