Branch banking

They may look different, but for opening accounts, serving small businesses and satisfying consumers' need for cash, branches remain essential.

While most financial institutions have been focused on upgrading their digital channels, Andrews Federal Credit Union in Maryland listened to its customers and modernized its newest branch. Among the new features are video teller machines, touch screens offering online and mobile banking tutorials and a game area for children.

The Charlotte, North Carolina-based bank is adding three branches in Lexington, with plans for a fourth next year.

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

The pandemic was certainly a factor, but the Mississippi company says its decision to concentrate interactive teller machines in drive-through lanes and retrain employees who appear on-screen made a big — and potentially lasting — difference.

Christine Channels will oversee a group of branches focused on low- and moderate-income areas, according to a memo from executives who run the division.

Citigroup Chief Executive Jane Fraser said she’s “very bullish” on the immediate outlook for the U.S. economy, and the banking giant is still planning to add more branches around the country.

Michael Moeser, senior analyst at PaymentsSource, talks to Simon Powley, head of advisory services at Diebold Nixdorf, about the importance of cash as the economy recovers from the coronavirus pandemic.

Lenders including Howard Bancorp and First Carolina Bank are shunning acquisitions as a route into new markets, to avoid overpaying for targets and inheriting potential loan problems.

The Texas company kept allowances steady, citing lingering concerns over the pandemic and commercial real estate. Yet it plans to open 25 offices in Dallas after a similar expansion in Houston drove asset and customer growth.