Headlines

Millennials Are Killing Your Local Bank Branches

Out with the brick and mortar, in with the “bank desert”

Published

3 years ago

April 26, 2021

VMSD Staff

A record number of bank branches shuttered in 2020, the result of several factors that portend even more closures, as AARP explains.

One big culprit behind the disappearing branches is technology – millennials prefer to bank online and deposit checks by phone. “It’s one of those things where if you do it once, you’ll never make a deposit at a branch or ATM again,” says, Greg McBride, chief financial analyst at Bankrate.com.

Concerningly, the increased closures are creating more “bank deserts” — areas where a bank branch is at least 10 miles away. You can imagine the headaches that might create for small businesses who require in-person services and those who need access to safety deposit boxes.

Related Topics:banking brick-and-mortar

VMSD Staff

Drawing on more than 125 years of history serving the retail design market, VMSD magazine provides retail professionals with the most up-to-date, innovative retail design ideas and industry news through its industry-leading magazine, website, social media channels and bulletins.

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