Branch banking

Bankers say they're putting up with behavior from entry-level workers that never would have been tolerated in the past because it's so hard to fill positions. Those compromises can undermine corporate culture.

Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers.

Digital upstarts like Square, Stripe and PayPal are invading community banks' turf by appealing to local merchants with a mix of electronic payments and lending. Small banks are fighting back by leaning into digital services while maintaining their personal touch.

The new ATMs deter card-skimming fraud through encryption, individually paired card readers and a design that requires users to dip their cards at an angle.

Bank of Montreal plans to raise its minimum wage for U.S. branch and contact-center employees to $18 an hour as companies face heightened competition for workers in a tight labor market.

The account, which is similar to those offered by numerous other banks and credit unions, has been certified as meeting certain affordability criteria for low-income people.

Banks should be careful not to overreact to the pandemic recession and assume that the public is willing to forgo personal service. More than 40% of consumers say having a branch nearby is their primary reason for picking a bank.

Arvest Bank is hoping its version of a virtual branch — a stand-alone app that uses chat to forge a long-lasting relationship between bankers and clients — will suit its customers who prefer one-on-one interaction.

The New Jersey bank plans to reinvest half of the savings into technology development and hiring.

To satisfy a condition of its sale to BancorpSouth, Cadence Bancorp is selling the branches to First Bancshares in Hattiesburg, Mississippi.