Branch banking

The company joins a growing list of community banks paring back their networks.

Whether it was their nimble shift to digital, or willingness to interact in new ways with customers in branches, bank employees have met head-on the business challenges posed by the outbreak.

Russia's largest bank is reinventing itself as a technology company and selling its own consumer electronic devices. Its chief tech officer says the moves are all about developing broader, more enduring customer relationships that the bank controls fully.

The moves are intended to offset a protracted period of historically low interest rates and expectations of higher credit costs in 2021.

A nationwide branch network remains a calling card for the entire industry, while also exemplifying the movement's cooperative spirit.

The company will shutter a fifth of its locations, while reinvesting some of the savings in its digital banking platform.

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.

The $282 million-asset institution's new name is intended to build on its work with underserved communities around St. Louis.

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

The company joins a growing list of banks shuttering locations as customers flock to digital channels.

Chris Gorman, the Cleveland company's chairman and CEO, said at an industry conference that an ongoing shift to digital channels provides an “opportunity to continue to ramp up" efforts to shutter physical locations.

U.S. Bank and Regions revamped their apps with accessibility in mind; JPMorgan Chase built a branch for customers who are deaf. Such efforts can help banks appeal to more customers in existing markets.

The Liberty Lake, Wash.-based credit union has agreed to buy four branches from the Roseburg, Ore.-based bank.

Members are completing more of their banking online than ever before, forcing many institutions to rethink their strategies for physical locations.

The company also plans to shed some corporate office space by the end of this year.

When it comes to branch cleanliness and mask-wearing, the San Francisco bank is more diligent than its rivals in helping to reduce the spread of coronavirus, according to a new study.

The deal continues Sound's push into markets north of its Tacoma headquarters.

The company said migration to digital channels spurred its decision to shutter locations across five states.

All parts of the payments industry can preserve cash, but mandates may be necessary, says Moorwand's Luc Geuriane.