As digital banking grows, fewer people are visiting brick-and-mortar locations for financial services. As a result, many banks have been shuttering their doors over the past few years with more slated in the future.
In fact, the U.S. Bank Branch Closures and Banking Deserts report by the Federal Reserve Bank of Philadelphia states that physical bank closures have doubled since the COVID-19 pandemic due to the lack of demand and the rise of online banking.
While mobile banking is convenient for many consumers, many depend on in-person service for certain transactions like mortgage applications or to get cash from an ATM. Increasing closures also introduce the possibility of banking deserts where communities may lack access to these traditional services…