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• W2994357623 abstract "Today, about 60% of the profits of U.S. retail banking come from handling core deposits--checking, savings, and money-market accounts. These accounts are growing. Banks are on a new-branch binge to service that sweet business, and indeed new branches account for about one-third of the growth in deposits. The brisk growth in new branches is not only necessary to handle the continuing high volume of paper-check deposits; it also satisfies consumers' limitless appetite for neighborhood convenience. What's wrong with this picture? Plenty, if it's projected out to the end of the decade, reports Gwenn Bezard of Celent Communications. He accepts the rosy scenario cited above, which comes from BAI/Marketech Systems and First Manhattan Consulting Group. The value of deposits per branch--about $46 million in 2002--is the same as it was in 1991, so adding new branches seems to be attracting new deposits. But beware of paper checks bearing gifts, Bezard warns. When they go away, as is happening now, profits will tend to go with them. In terms of deposit accounts processed (the 2002 average was 15,000 accounts per month), branches already have 3% more capacity than they need. By 2010, that overcapacity will grow tenfold to 33%, Bezard estimates. The underlying profitability of branch banking today is much shakier than the gross figures suggest, according to the Celent report. In the U.S., some 500,000 tellers spend only 22% of their time handling those profitable deposits, cashing checks, and processing withdrawals. And tellers spend 39% of their time just waiting. How else could it be? Comparing U.S. and European banks, Bezard points out that although both regions employ about 140 employees per branch, the average European employee processes $3 million worth of deposits, compared with $2 million per employee at U.S. branches. Tellers are only 30% of Euro branch employees, compared with 70% at U.S. banks. The differences arise from the main missions of branches in the two areas. European banks deliver 80% of their financial services via branches, but the mix of those services is light in core deposits and heavy in life insurance, mutual funds, home mortgages, equity loans, and student loans. U.S. banks, as previously discussed, are oriented to processing core deposits. The result is that U.S. banks have a modest 17% share of the mutual funds market and a negligible 1% share in life insurance. In France, for example, 95% of branch employees spend their time marketing non-deposit accounts. That figure is 20% in the U.S. That's not the whole story. Although many U.S. banks offer a full array of financial services, U. …" @default.
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• W2994357623 date "2004-03-01" @default.
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• W2994357623 title "Contrarian Forecast for 2010: Chilly for Branches, Sunny for E-Banks" @default.
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