CALIFORNIA – Self Financial published a new report predicting California bank branches would become extinct by 2037.
“California has seen the highest level of bank closures of any state, with 1,114 branches now closed in the last ten years, followed by Florida (1,091 closures) and Illinois (858 closures),” says the report.
Since 2018, there has been an average of 1,646 branches closing each year in the U.S.
The researchers go on to say that if current trends continue, physical bank branches could be extinct in the U.S. by 2041.
Photo bySelf Financial
58.8% surveyed said there’s greater security in physical bank branches
Self Financial researchers conducted a survey on Americans’ views on banking.
When asked among the three options – physical branch banking, online banking and app-based banking, do you have the most trust in, 39% stated they had most trust in banks with physical branches.
“However, 36.1% claimed they had the most trust in online or website banking, and 24.9% in app-based banking,” says the report.