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US banks must lose “legacy anchor” to meet customer needs in 2021

January 18, 2021


COVID-19 has become a catalyst for an acceleration amongst the everyday banking customer. ValuePenguin data shows 71% of US banking customers now regularly use online banking.

What’s more, footfall in the branch has dipped, as customers stay away from personal contact with others. Novantis reported branch traffic falling 30% month-on-month across the US in 2020.

This shift can be seen as a win for fintechs and banks trying to push their users online and mobile. US Bancorp CEO, Andy Cecere, says his firm intends to close up to 15% of its branches as a result.

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