Massive Closure of Bank Branches: What’s Happening?
The banking industry is facing a significant shift as many banks announce the closure of numerous branches across the country. This trend has been driven by several factors, including the growing popularity of online banking, changes in consumer behavior, and the increasing costs of maintaining physical locations. As more customers opt for digital banking solutions, traditional branches are struggling to justify their existence, leading to a wave of closures that could change how we access banking services.
Reasons Behind the Closures
One of the primary reasons for the mass closure of bank branches is the rapid adoption of online banking. A recent study revealed that over 80% of banking customers now prefer digital transactions over visiting physical branches. This shift has been acc...