Latest / Banking Transformed with Jim Marous
Why BofA Is Betting on Branches
What if the biggest myth in banking is that customers don’t need branches anymore?
Because every time Bank of America opens a new financial center, digital sales in that market jump by 50 percent. Physical presence isn’t competing with digital — it’s accelerating it.
Now, Bank of America is putting $750 million behind a bet the rest of the industry walked away from too soon, opening 150 new financial centers across 60 markets by 2027 at more than $5 million per location. Bold? Yes. Contradictory? Maybe. But the timing suggests something deeper: after shrinking from 6,000 branches to about…
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