People are visiting bank branches less frequently during the coronavirus pandemic. That could speed up some banks’ plans for shutting them down.
Branch traffic fell more than 30% in April and the first three weeks of May compared with the same period last year, according to Novantas, a financial-services research firm. Teller transactions dropped 32% in March and April compared with the same period last year, Novantas said.
Branches in urban areas with multiple outposts will likely be among those targeted for closure next, said Brandon Larson, managing director at Novantas. Visits to branches near work centers, such as downtowns where people have stopped commuting, have fallen by more than half, according to a Novantas analysis.