Bank Branches going the way of Blockbuster?
The last Blockbuster location remaining in the US is in Bend, Oregon. In 2004 there were 9,094 Blockbuster locations, but digital technology and consumer preferences have replaced this industry powerhouse, will it happen to bank branches? In 2007 there were over 97,000 bank branches and no there are less than 72,000. Not the dramatic drop of Blockbuster, but still a trend that should concern those who prefer to interact with a friendly teller in their neighborhood.
If you are like many parents, your kids have probably never entered a branch. They use Venmo, prepaid cards or interact with the bank through the mobile app. Even Baby boomers tend to interact more online and visit branches less and less.
Do you think the bank branch will die out? If so, when?