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In a previous blog I wrote I asked the question, "will bank branches disappear?" In that blog I made the following statement:
“As a local Community Bank, we see the importance of locations where our customers can conduct business with a financial professional, whether it is a simple cash transaction with a teller or a complex transaction where a face to face meeting with a Banker would be helpful.”
In a recent survey conducted by the American Bankers Association, 79 percent of those surveyed understand the role that local banks play in supporting community events, as well as providing financial education. In addition, 87 percent agree that local branches play an important role in supporting local businesses. A large majority of respondents (87%) feel it is important to have a local branch easily accessible from their home as well, with 67 percent saying it was important to have a branch nearby, even if it is not their own bank’s branch.
The results of this survey demonstrate that the public is as concerned with the decline in the number of banks as we are, decreasing from 8,600 in 2007 to 5,900 in 2017. People, like you, understand that although increases in Mobile and Online Banking are highly convenient, that there is still a need for easy access to knowledgeable, local bank employees. Local bank branches are essential to communities. They offer banking relationships and services for small business owners, support local non-profits and community events, provide a convenient place for families to start teaching children to save money, help young adults finance their first car, and so much more.
The results of this ABA survey confirm Rhinebeck Bank’s belief that our branches are an important part of the communities we serve. Even if you conduct most, or all, of your business without coming into one of our branches, you can be assured that we will be there should you need or desire to talk to a professional in person.