Axios reports on JP Morgan Chase’s renewed commitment to bricks-and-mortar: “JPMorgan Chase — the biggest bank in the country — isn’t giving up its ‘love affair with old-fashioned brick-and-mortar locations anytime soon … The banking behemoth is planning to add 500 branches in the next three years — bucking an industry trend that has seen thousands of retail locations close over the last decade.”
KC’s View:
Two interesting notes from the story:
• “Only 17 banks now have 500+ branches. JPMorgan has close to 5,000.”
• “Most customers — even Gen Z — use a branch at some point during the year. Many still choose banks partly based on proximity to a retail location.”
In other words, proximity matters. And bricks-and-mortar still matters.
Doesn’t mean that online banking is going to go away. In fact, it almost certainly will continue to grow.
But think of this as “adaptive banking.” Being where the customers wants you, when the customer wants you, and how the customer wants you.
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