Branch transaction volumes have declined more than 45% since 1992, according to a study released Thursday by Financial Management Solutions Inc. (FMSI), an Atlanta consulting firm that sells teller management software.

The rise of digital banking transactions is a large part of the reason branch transaction volumes continue to drop. In response, banks are shutting down branches and shifting the working hours of bank tellers to match customer traffic patterns to offset operational expenses.

"The detailed study reveals a declining branch transaction trend, of which senior management at financial institutions should take note," W. Michael Scott, the consulting firm's president and CEO, said in a press release. "With transactions dropping and staffing levels remaining the same, the inevitable outcome is costly overstaffing in the branch environment."

The study drew from 17 million teller transactions in March, and compares the data against previous studies. The report, which draws from more than 20 years of proprietary data, includes data pulled from human resources systems and community bank and credit union core systems.