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Why Banks Need to Rethink Branches: ConnectOne CEO
December 26, 2013

Most bankers are reluctant to shrink the size or number of their physical locations, but for the New Jersey lender ConnectOne, "the primary channel is no longer the branch on the corner." CEO Frank Sorrentino III discusses how ConnectOne has expanded its business in the competitive New York market by embracing technology instead of building many branches.

Comments (2)
Technology is definitely here. The concept of bank offices has changed, as the leaders in the industry from regional banks like Umpqua to major banks like Wells Fargo refer to their offices as "stores." Signature Bank in New York has taken it one step further: private meeting.

Location continues to be important, but size is no longer the criteria to show stability or success.

Despite the growth of mobile data devices, nothing beats personal service and "We are glad to be of help to you...Good to see you!"

Posted by Kit M | Friday, December 27 2013 at 2:19PM ET
This is an excellent interview of Frank Sorrentino by Maria Aspen. Branch banking is in the midst of a cross-roads and Frank's honest commentary is refreshing. For many banks the key to growth will be to add branches. Some will come from branch purchase or via M & A. Other growth will come from new construction. The smart banks will learn to build the appropriate sized branch and not just default to a branch style from the last decade. PNC is using shipping containers and other banks are building sales and service offices as opposed to a regulated full service deposit taking branch.
Posted by @dmgerbino | Friday, December 27 2013 at 4:15PM ET
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