Branch banking

BBVA and Rockland Trust have taken a highly numbers-driven approach to branch reopenings. All banks are having to rethink their branch networks during the pandemic and beyond, and analytics software is helping.

With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can.

Financial institutions want to protect customers and employees from the coronavirus but are caught in the middle of a politically charged public health debate. The stance taken by the industry’s largest trade group gives them cover.

Cadmus Credit Union agreed to merge into Chartway Federal Credit Union after one of its select employer groups said it would shutter the facility where its only branch was located due to business issues that arose from the coronavirus.

Simmons First, which is based in Arkansas, plans to shutter 23 locations later this year, while Great Southern in Missouri has hired a firm to take a look at its network.

The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.

The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied to the pandemic.

The Minneapolis company said 75% transactions have been handled online since the pandemic hit.

Canadian consumers are changing their banking habits to reduce physical contact with others because of COVID-19, according to a new study by McKinsey & Co.