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The great pruning

Banks are thinning their branch networks. More drastic cuts may come.


Yet even if some branches now have more staff than customers for much of the day, a visible high-street network serves to reassure those who equate physical presence with financial soundness. Some 30-40% of bank clients almost never set foot in one, according to Novantas, a consultancy, yet still stick with the high-street chains. “Twenty years ago, the branch was the bank,” says Kevin Travis of Novantas. No longer. People have gone from being branch-dependent to being merely psychologically attached to them, he argues.


Read the full article at The Economist…


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