As more and more of us take care of our banking needs online or on mobile devices, the need to go in to a local bank branch and see a friendly face is fading fast. In the first half of 2017, more than 1,700 bank branches closed their doors, and the second half of the year continued the downward trend.
The decrease in branches raises two interesting issues for retailers:
- How could this change individual stores’ deposit procedures?
- Should you offer cash back to meet customers’ cash needs, and if so, how do you manage each store’s cash on hand?