Global Banks and Their Branch Closures Over the Past Few Years

According to the FRB, US banks had 4,821 branch closures between 2009 and 2014. The number accounted for around 5% of the bank branches in the country. In the UK, 650 bank branches were shut down in 2015 compared to 500 in 2014 and 222 in 2013. Since the demand for physical branches has decreased, banks saw maintaining them as an unprofitable activity, which led to the branch closures. There are different opinions on the reasons that the demand for branches has decreased, but here are the two most important ones:

  1. Changing consumer behavior: With the advent of mobility, cloud, big data and AI, consumers are using products from technology companies in their daily lives that are setting the way they wa ...
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