Social Distancing Could Hit Bank Branches Hard

Coronavirus has been the dominating topic of the day and it has taken over almost every aspect of our lives; bank branches have already been under enormous pressure in recent years and now people are being asking to self isolate to stop the spread of the virus; while many believe the tipping point for branches is many years away the outbreak of coronavirus could help to accelerate the trend; more consumers will be forced to download banking apps and might realize the digital experience is better and more efficient than going into the local branch; on the flip side the people who rely on branches for cash and doing their banking will be hurt even more as they have been seeing branches disappear in recent years; time will tell how long this pandemic lasts, banks need to keep innovating beyond the branch to ensure the impact is mitigated as much as possible. Forbes