Branch banking

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.

The shift away from human contact increased the popularity of kiosks, ATMs and other technologies that allow for more flexibility in payment methods.

Despite spending billions, many banks fail to deliver on the human aspects of the customer experience that deepen relationships and drive customers into action.

Local financial institutions have fewer branches than big banks, and closing even one location makes it harder for them to serve their communities.

The retail consolidation in Midwestern markets will also support the bank’s branch expansion in Atlanta, Charlotte and other fast-growing cities across the Southeast.