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Prior to the COVID-19 pandemic, many combined factors pushed the banking industry toward consolidation, greater efficiency, and in many instances, smaller branch footprints. When COVID-19 forced banks to close branch lobbies during the spring and summer of 2020, many banks immediately increased investments in online and mobile channels and were forced to reduce reliance on physical branch networks. Banks saw significant improvements in online and mobile banking adoption, including among first-time users and older customers. Branch closures and consolidations accelerated shortly thereafter.
We expect banks of all sizes to continue to consider potential branch closures during 2021. Before implementing a branch consolidation and/or closure initiative, your institution should consider the following: