Insight into 'do banks need 'branches' since transactions can be done online/ on telephone
Thanks
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My bank has no branches and, studies show that as net worth increases, the desire and/or need for branches decreases from the customer's perspective (ie If you have an 8 figure net worth, you don't really give a shit if there is a BAML branch near by).
Yeah, and this is relevant since there are so many people who have a 8 figure net worth?
Sure, because HNW and UNHW individuals have a personal adviser to deal with all their issues at the bank. Less-well-off people who have issues will go into a branch to deal with them. Why? Because in-person you can actually get your shit taken care of. Try calling up a Wells Fargo or Chase customer service person on the phone. If you have an overdraft fee, it's staying on there. Go into a branch, on the other hand, and you've got a chance to get it taken off. Just one example.
I think there will always be a need for bank branches, but I don't think they will be used nearly as much in the future.
He's not just referring to people with 8 figure net worths, that was an example. People that are more financially secure have less reason to be in a bank branch than someone who isn't.
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