A number I've wondered for a long time and chanced upon a citation for: Q: How many new accounts does a typical bank branch bring in annually? A: 300~500.
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But the banks make their money on loans more than they do on deposit accounts.
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An existing client is cheaper to sell to than a potential client. Having your savings with ${BANK} means also gives them more data with which to decide the risk profile you have, etc.
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I recently spent the better part of an afternoon sitting in a bank branch of about prototypical size in SoMa, such that I had materially complete observation of its operations, and I’m genuinely surprised the number is that *high*
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(Among the surprising things I learned: in SF, even bank tellers need second jobs)
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Account retention (because of convenience, human trust, confusing phone support systems) must provide significant value, no?
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I'll admit to knowing very little about the economics of bank branches, but how is this viable? Just a really high average LTV?
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