Branch banking

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.

The company has long focused on customers with ties to the two states. But as it emerges from the pandemic seeking new lending opportunities, CEO Rajinder Singh says, “We are looking at markets from Boston all the way down to Atlanta.”

The Tennessee company said merger costs tied to its Iberiabank acquisition are up $40 million from previous estimates. However, savings from additional branch closings and unexpected revenue gains should soften the blow.

For years, women have gotten a foot in the door to the finance industry by becoming bank tellers. Now that path is disappearing.

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.