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• W228702905 abstract "[ILLUSTRATION OMITTED] The current state of branch banking reflects the confluence of long-term trends with the near-term effects of the financial crisis and recession. As a result, the picture presented in this third annual survey of branch banking trends is complex. Our two previous studies of the branch channel found that banks are balancing their substantial investment in branch delivery with the well-documented movement of transactions to other channels, and that branches remain critical tools for acquiring new customers and providing excellent service. The studies also confirmed that elements of branch banking are changing in many ways to enhance the customer experience and improve relationship banking. Those trends continue, but now that we're three years into the financial crisis and its aftermath, the resulting economic turmoil has caused consumers to think differently about their finances and seek help to regain their footings. They are more concerned today about rebuilding savings, reducing debt levels, and affording retirement. The question is, how will these altered consumer attitudes and concerns impact the branch channel? For this year's survey of branch banking trends and best practices, we analyzed available data on branch openings and closures. We also interviewed senior executives at banks of varying sizes in an attempt to dimension how the channel will change as a result of recent events and to revisit earlier findings. One thing is clear: the branch remains crucial to effective delivery of products, account servicing, and advice, and central to the marketing and positioning of banks in the communities they serve. THE NEW FUTURE: FEWER BRANCHES This year will mark the first time in over a decade that the number of bank and thrift branches decreased from July of the prior year (see chart, p. 28). In fact, Capital Performance Group projects (based on analysis of SNL Financial data) that closures will outnumber de novos from July 2009 through June 2010 by a ratio of 1.64 to 1. What is driving this trend change? Closure activity remained high over the past year. The number of branch closures is on track to decline slightly from a decade high of 2,318 for the period ending June 30, 2009, to a projected total of 2,113 for the period ending June 30, 2010. The closures reflect some large banks' drive to reduce costs as well as banks closing branches of acquired institutions. The real story, however, is the dramatic tapering off of de novo branch openings. While 2010 will mark the third consecutive year of decline in the number of de novo branches, the year-to-year decrease is noteworthy. CPG predicts the aggregate number of branch de novos will fall by nearly 50% from 2,479 for the year ending in June 2009 to only 1,292 this year. As recently as two years ago, the industry opened 3,764 new branches to only 2,048 closures, and the year before witnessed even higher levels of net expansion. Limiting the number of new branches at this time is a rational response to the financial pressures faced by the industry. In addition, the regulators have approved very few new bank charters since the crisis began, which has contributed to the slow pace of de novo branching. Still, some banks continue to pledge their commitment to expanding their branch networks. In May, KeyCorp's Chief Financial Officer, Jeffery Wheeden, announced plans to build 40 new offices and modernize 85 others in 2010. For banks with investment capital and growth plans, the current environment--with reduced real estate prices and distracted competitors--provides an opportunity for expansion. Next expansion will be less dramatic Many healthy banks, however, are holding off on de novo openings in anticipation of weaker competitors failing, putting themselves on the market, or divesting individual locations. Between June 30, 2009, and the time that this article went to press, 267 offices had been sold via branch transactions and 2,989 via whole company transactions (both assisted and unassisted). …" @default.
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• W228702905 date "2010-08-01" @default.
• W228702905 modified "2023-09-23" @default.
• W228702905 title "Fewer, Leaner, and More Engaging: Mergers, Cost Reduction, Technology Have an Impact, but the Channel Remains Vital" @default.
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