For the last couple of years, banks have been shutting down branches at an alarming pace, while limiting the opening of new ones. Well over 2,000 large to midsized bank branches in Canada and the US have been shut down with more to come. After all, many analysts have criticized the closure of bank branches. These critics claim that banks closing have disenfranchised low-income communities and are forcing them into higher-cost banking situations. While big banks may provide physical convenience and more personalized service, the advent of forward-thinking Fintech’s and Neobanks could be turning these criticisms on their heads.
Why Banks Are Shutting Down Their Branches
Why Banks Are Shutting Down Their Branches
Why Banks Are Shutting Down Their Branches
For the last couple of years, banks have been shutting down branches at an alarming pace, while limiting the opening of new ones. Well over 2,000 large to midsized bank branches in Canada and the US have been shut down with more to come. After all, many analysts have criticized the closure of bank branches. These critics claim that banks closing have disenfranchised low-income communities and are forcing them into higher-cost banking situations. While big banks may provide physical convenience and more personalized service, the advent of forward-thinking Fintech’s and Neobanks could be turning these criticisms on their heads.