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The Briefing
- In the last decade, 27,943 bank branches have closed in the U.S.
- The increasing prominence of mobile and digital banking is leading to lighter demand for in-person banking services
Branch Banking Is Dying
The 2008-09 financial crisis was triggered by reckless banking practices that dominoed into the global economic system.
Though the world has since recovered and moved on from the crash, the banking system that ignited such damage has in some ways never been the same.
Take U.S. branch bank net openings, which is undergoing a notable trend reversal. According to the Federal Deposit Insurance Corporation (FDIC), for 11 years and counting, the number of U.S. bank branch closings has exceeded the number of branch openings.
| Year | Openings | Closings | Net |
|---|---|---|---|
| 2020 | 1,251 | 2,788 | -1,537 |
| 2019 | 1,460 | 3,090 | -1,630 |
| 2018 | 1,563 | 3,134 | -1,571 |
| 2017 | 1,065 | 2,986 | -1,921 |
| 2016 | 1,084 | 2,826 | -1,742 |
| 2015 | 1,209 | 2,689 | -1,480 |
| 2014 | 1,351 | 2,996 | -1,645 |
| 2013 | 1,470 | 2,500 | -1,030 |
| 2012 | 1,623 | 2,570 | -947 |
| 2011 | 1,901 | 2,364 | -463 |
| 2010 | 1,897 | 2,892 | -995 |
| 2009 | 3,457 | 2,877 | +580 |
| 2008 | 3,562 | 2,300 | (Read more...) |