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How Bank Branch Shutdown Hits Small Businesses and Creates ‘Financial Deserts’

As the pressure on the banking system increases, banks are looking for ways to cut down on costs and transform their business models to stay relevant. One of the ways that banks respond to changing needs and tightening competition from neobanks is by closing branches and shifting their focus towards digital experiences.

The trend of cutting down on physical presence, however, started even earlier. Since the financial crisis in 2008, nearly 5,000 bank branches were closed in the US. Aside from transforming the banking industry, the massive branch shutdown raised concerns about certain areas in the country turn ...

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