That is a question that has been debated for the last 20 years and will probably be for the next 20 years. The recent news about Starbucks closing 600 stores is somehow made parallel to bank branches. Let's face it, closing 60o stores out of over 10,000 is not really that big of a deal, especially if it is under performing stores. So for me, I don't see how this fits with financial services. Now what I do see is that branches of the future need to be different and for us at FORUM, they probably need to smaller and even more nimble. What if during the holiday season, we had a kiosk branch in the mall where people were shopping and what if during the summer we had branches near summer activity spots. We have a great walking, bike riding, etc trial called the Monon Trail. Why don't we have a walk-up/ride your bike up branch.
People still want a branch, they just don't visit them that often, so why don't we visit them where they go. Maybe we could rent a counter at the local hardware store. Or on Friday nights be at local high school football fields or gymnasiums. My point is, why do branches have to be phyical standing entities? Maybe it is because we are stuck in the bricks versus clicks debate. To me it is not bricks vs clicks, its clicks+bricks and we need to use those two items in tandem.
The "branch" isn't dead, I just don't think you will recognize it in 20 years. Look at gas stations 20 years ago and the gas stations of today.
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