by Mike ‘Mish’ Shedlock
Covid-19 forced people to bank online. Many won’t return.
People aren’t visiting branch banks. So Banks Are Wondering How Many They Need.
Branch traffic fell more than 30% in April and the first three weeks of May compared with the same period last year, according to Novantas, a financial-services research firm. Teller transactions dropped 32% in March and April compared with the same period last year, Novantas said.
The forced shift toward mobile banking delivers an important win for traditional banks, which have been trying for years to steer people away from branches and toward apps and websites for routine transactions. If customers adapt without much complaint, that could give banks fresh reasoning to expedite planned closures and consider additional ones.