Are banks becoming obsolete?
Over 300 Bank branches have closed down in Australia since the pandemic accelerated consumers’ switch to online banking. Many branches that temporarily closed during the height of the pandemic will never reopen and some communities have been left with no local bank. Banks closed a record 3,324 branches nationwide in 2020. U.S. Bancorp shuttered the most branches — 349 — and Wells Fargo shut down 331. California, New York, Pennsylvania, Ohio, Illinois, and New Jersey saw the most net closures in 2020. With the number of closures globally not slowing down, are we seeing the end of brick and mortar bank branch?
Are Banks Becoming Obsolete???
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