Money Makers Mentor

Banks evaluate shuttering branches amid rising digital banking adoptions

COVID-19 has given a boost to digital banking channels that were on the rise in the past couple of years. The lockdown increased the use of digital banking and forced many to use these avenues for the first time. 

“Over the past few years, we have seen an increase in digital banking adoption but the pandemic has absolutely accelerated that trend,” Rory Sheehan, VP of Media Relations at Citizen Bank said. “For instance, non-branch transactions now eclipse branch transactions.”

Citizen Bank experienced 56% of its transactions through non-branch or digital avenues in Feb 2021, Sheehan told The Buttonwood Tree. The ratio increased from 45% from a year prior as people flocked to digital channels during the lockdown. The adoption of digital banking avenues has been across all custome…

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