Economist’s “News and Views” Tuesday 9-19-2023

20/09/2023

Bank Branches Are Now Closing As JP Morgan Chase Bank Sends Another Warning

Atlantis Report: 9-18-2023

A careful analysis of the situation shows that the shuttering of locations by JP Morgan Chase Bank and other banks is largely predicated on the transition to digitization of financial services.

The brick-and-mortar system that we’ve generally known to be the standard is gradually fizzling out as online transactions via Internet banking and mobile apps are increasingly becoming readily available and popular.

It’s a pretty simple bargain— if we have a whole building that’s costing thousands into millions of dollars to maintain and we have just a few customers walking in every now and then because the majority prefer to carry out transactions online from the comfort of their homes, it seems like a financially wise decision to close the buildings and save big bucks!

Now, while this may seem like a drastic change and criticism is pouring in from several quarters who believe that the banks should find a middle ground as opposed to just shutting down locations, it is important to note that they’ve actually gone that route in the past.