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Branch Network Consolidation: Death Spiral or Sustainable Path?

To preserve franchise revenue potential, banks need a reinvestment strategy that will sustain customer relationships and sales momentum as branch count shrinks.

The U.S. banking industry has embarked on a historic branch consolidation, forced by an accelerating migration of customers to digital channels and unrelenting industry profit headwinds. At most banks, the pressure is on to close branches in light of shrinking in-store transactions and sales. The magnitude of required change is underscored by a recent Novantas analysis which estimates that up to 30% of the current U.S. bank branch system – roughly 27,000 out of a 90,000 total – is underwater (Figure 1: Crisis in Branch Economics and Sales Productivity). Even considering initial closure costs and lost revenues over a five-year ...

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