A New Wave of Bank Closures is Hitting Illinois
- Thread starter ETJ
- Start date
1-Much of banking (including check deposit) can be done online so no need for so many physical stores.
2-Brick & mortar banks can't compete with online only banks for deposits so more closures brings them closer to the competition.
***Just reading the headline would make you think Illinois is struggling until you read the article & see it's mostly the largest bank branches closing (JPM, BAC, etc...).
2-Brick & mortar banks can't compete with online only banks for deposits so more closures brings them closer to the competition.
***Just reading the headline would make you think Illinois is struggling until you read the article & see it's mostly the largest bank branches closing (JPM, BAC, etc...).
Totally get what you're saying. Digital transformation is shaking up the banking industry for sure. It's not so much about Illinois struggling as it is about the bigger banks adapting to how people manage their finances today. Traditional banks have to streamline if they want to stay competitive with online-only banks that offer higher interest rates and lower fees. Plus, who even goes to a physical bank branch anymore unless they absolutely have to? Times are changing.