Banks Ride Digital Banking Wave; Plan to Reduce Branches

Digital banking engagements have been skyrocketing since the start of the pandemic. With more people using apps for daily banking, many banks are re-evaluating the necessity of a physical footprint.

Some of the largest banks in the country expect to double down on digital banking channels. In turn, they may eliminate branches. Banks like Wells Fargo, Trust Bank and U.S. Bank have announced plans to close branches. 

U.S. Bank plans to shut nearly 400 branches by early next year, according to its Q3 earnings call last week. The pandemic accelerated digital banking adoption among customers. The practice was already on a rise since the last decade, U.S. bank executives said. 

Nearly three-quarters of all transactions, and nearly half of all loan originations, take place on U.S. Bank’...

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