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Branches have lost much of their reason to exist because routine transactions such as depositing checks and transferring money are increasingly done on computers or phones.

 

But banks need branches because many customers still pick their bank based on whether it has a nearby branch. Important product sales still happen there.

How many branches do you need? Which markets, or locations, should you decrease — and where should you invest?

 

In this Wall Street Journal article, Peak Performance consultant and former head of distribution strategy and execution at Bank of America, Jon Voorhees, discusses how BofA closed branches, and re-focused on growth markets.

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