America’s biggest banks are closing hundreds of branches.  Bank of America, Citigroup and JPMorgan shut 389 branches since the third quarter of last year.  Bank of America, which had over 6,000 branches before the financial crisis has now shrank to 4,629, according to third quarter accounts.  The bank has cut 112 financial centers from last year.

Paul Donofrio, CFO of Bank of America, said the closing of branches was part of a “shift to self-served digital channels, mobile, online, and ATM” in a 3Q earnings call transcript.

According to the 3Q earnings report, the bank has 21 million mobile banking active users and 18% of deposit transactions are completed through mobile devices. “That’s better for customers, it’s also better for our shareholders,” said Donofrio. “It’s one-tenth the cost of walking into a branch.”

“So it’s a quality versus quantity and making sure we understand,” said CEO Brian Monihyan on the earnings call. “I’d say we went from seven million visits probably four to five years ago to six to five. But those five are of a higher quality, and we think that’s important.”

There are less bank branches, but the ones that stand reflect changing customers’ behaviors. As consumers opt to go online for transactional services like check deposits, bank branches now emphasize more value added services that ” you just have to do face to face” and are adding more mortgage and investment specialists. They are becoming a place to come for advice according to life events – mortgages, investments, saving for college.

Paul Donofrio, CFO of Bank of America, said the closing of branches was part of a “shift to self-served digital channels, mobile, online, and ATM” in a 3Q earnings call transcript.

According to the 3Q earnings report, the bank has 21 million mobile banking active users and 18% of deposit transactions are completed through mobile devices. “That’s better for customers, it’s also better for our shareholders,” said Donofrio. “It’s one-tenth the cost of walking into a branch.”

“So it’s a quality versus quantity and making sure we understand,” said CEO Brian Monihyan on the earnings call. “I’d say we went from seven million visits probably four to five years ago to six to five. But those five are of a higher quality, and we think that’s important.”

There are less bank branches, but the ones that stand reflect changing customers’ behaviors. As consumers opt to go online for transactional services like check deposits, bank branches now emphasize more value added services that ” you just have to do face to face” and are adding more mortgage and investment specialists. They are becoming a place to come for advice according to life events – mortgages, investments, saving for college.

BUSINESS INSIDER REPORT HERE

 

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Dina Amelia Kalmeta is the Founder and CEO of Your New Life in Christ Ministries - CWW7NEWS. Dina reports on world events as they pertain to Bible Prophecy. Before Your New Life in Christ Ministries, Dina served as a Leader for INCHRIST NETWORK leading teams online and spreading the Gospel of Jesus Christ. Her mission today is to bring hard evidence that what is taking place in the world isn't just coincidence, but indeed proof that the last days the Bible warned us about are upon us right now.