The Covid-19 pandemic accelerated the decline of traffic in most banks’ retail branches, leading many organizations to reexamine the cost of their branch services and the ultimate viability of their branch-based services. Bank boards and executive teams must address the changing operating risks in today’s retail banking environment and assess the potential strategic risks of both action and inaction.
Speculation about the impending death of branch banking is nothing new: industry observers have debated the topic for years. As customers have become more comfortable with online banking, banks experienced a sizeable drop in in-person transactions.
