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BIGcast
Without Data, It’s All Just Vibes
Jan 7, 2025
Steve Reider, President of Bancography, dives into the evolving landscape of bank branches and their declining numbers. He discusses the intriguing dynamics of branch profitability, revealing it's not just credit unions that are shrinking. The role of data analytics in strategic decision-making comes into focus, alongside a look at how cashless models can enhance banking accessibility in underserved areas. Plus, hear about the intersection of banking trends, technology, and even film critiques of AI, ensuring a thought-provoking conversation!
44:56
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Quick takeaways
- The decline of bank branches highlights the importance of understanding demographic needs and the unique operational differences between banks and credit unions.
- Data-driven analytics, like those provided by Bankography, are essential for informed decisions regarding branch openings and closures in the ever-evolving banking landscape.
Deep dives
The State of Bank Branches in the U.S.
The decline of bank branches in the United States is a nuanced issue, reflecting both patterns of closure and the diverse roles branches play for different demographics. Since 2015, there has been a loss of approximately 15,000 branches, predominantly affecting banks rather than credit unions, which have maintained a stable branch count. This stability can be attributed to the differences in how banks and credit unions operate, especially after significant mergers that resulted in overlapping locations and subsequent closures. Understanding these trends is essential, as branches still offer much-needed in-person assistance for many customers, particularly those less familiar with digital banking.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode