Neobank and Big Tech competition, rising mobile adoption, and new touchpoints like the metaverse are pushing banks to rethink their branch footprints. They must react to evolving consumer banking preferences so they can future-proof their branches.

JPMorgan kept its eye on technology and the crypto trend—no matter what Jamie thought personally: The banking giant’s 2021 featured a UK digital-only launch, fintech acquisitions, crypto offerings for retail clients, and advocating for staff in branches to become licensed advisors.

Buying new bedding is often triggered by necessity or a life event, and when that sale happens online, creating a sensorial experience is critical. Watch Industry Voices: Spotlight on D2C with Boll & Branch CMO Jonathan Bottomley to hear why great customer service paired with inspirational and educational content helps retain existing customers and prompt future sales.

On average, US branches cost between $200,000 and $400,000 per year to run, according to Mercator Advisory Group figures cited by Reuters. More than 200 UK bank branches have closed this year, with another 272 scheduled to close by December, per FinExtra.

The “metaverse branch” has future value—maybe. As we suggested in our recent report on the future of the bank branch, a metaverse-based alternative to a physical branch might let a customer meet with a banker avatar from anywhere, join bank-hosted events, or receive product education.

Boll & Branch pairs sensorial content with education and service to engage consumers.

Whether you visit a branch or digital property, TD Bank is reevaluating traditional banking’s communication methods. Watch Industry Voices: Spotlight on Financial Services with TD Bank’s Lee Lai, senior vice president and head of customer and retail distribution marketing, to hear why maintaining local human interactions across channels is a top priority.

Banks’ branch footprints are still central to the metrics of CRA tests. But according to the FDIC, between 2010 and 2019, the number of full-service bank branches fell from almost 95,000 to just over 83,000.

Rural Americans rely heavily on physical bank branches. They visit bank branches at nearly double the rate of urban and suburban customers, the CFPB said. In 2019, nearly nine in 10 rural households visited a branch, and about four in 10 rural households visited 10 or more times yearly.