Bank of America Bank of America plans to open dozens of branches over the next two years.
About 40 of those openings are expected to take place this year, according to Monday's (Sept. 23) survey. press releaseThe goal is to add more than 165 “financial centers” across 63 markets by the end of 2026. This follows the opening of more than 100 locations in the past two years.
“Through the expansion and modernization of our financial centers, we are reaching more customers.” Aaron Levinpresident of Bank of America's Preferred Banking division, said in a press release, “While most customers leverage our digital capabilities for their everyday banking, they also visit our centers to discuss their more complex financial needs in person and receive advice regarding their life priorities and financial goals.”
Bank of America has invested more than $5 billion in the center over the past decade, and the project has also included renovations to more than 3,000 branches, according to the release.
The initiative is being implemented by BofA's rival JPMorgan Chase The bank also announced plans to expand its brick-and-mortar banking operations, opening 500 branches. branch An additional 1,700 buildings will be renovated.
PYMNTS investigated the thinking behind the expansion earlier this year, saying the bank ” Regional Offices Both companies said they recognize that while they don't replace the convenience that digital banking offers, they do provide a physical place for consumers to go when they want to discuss a loan or seek financial advice.”
But it's not just big banks that are realizing the value of brick-and-mortar locations.Credit union grows membership with lending and omnichannel banking innovations” According to a survey, 12% of credit union (CU) members reported switching from a traditional financial institution to a CU because the bank was not locally based.
While branches have been successful in converting former bank customers into credit union members, PYMNTS found that local organization alone may not be enough to retain them: Eight in 10 credit union members expect innovation from their primary financial institution. That Bank or CU.
“While traditional for-profit financial institutions have a reputation for outperforming their non-profit counterparts when it comes to services and products, credit union members tend to prioritize innovation more than their non-credit union counterparts,” PYMNTS wrote in March.
