According to PaymentsJournal, the shift to digital banking has led to the closure of over 3,000 physical bank branches in the US over the past year, with more closures expected in 2023. https://www.paymentsjournal.com/what-bank-branches-can-learn-from-retailers/
Banks need to adapt and leverage technology to meet changing consumer expectations and stay competitive. Banks can learn from successful retailers like Apple and adopt an omni channel approach, using tracking and customer identification technology to personalize the banking experience for customers.
Banks can also leverage digital tools like interactive kiosks and transform branches into financialLiteracy centers to build relationships with the community and differentiate themselves.
LOQUAT Inc. was founded with a passion to connect local financial institutions with small businesses who need a fast, secure and convenient digitalBanking experience.