Like if you were BigBank, and you had a simple slider which would losslessly allocate investment between physical plant for branches and developing your mobile app: would 99.9998 and 0.0002 really be the optimal allocation in 2018?
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I actually sort of like branches, in theory, but I think my ideal number of branch visits for the rest of my life is somewhere between 3 and 10, and my banks' capacity planning assumes about 500.
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Story: the Japanese bank which wrote a mortgage for me has a feature where you can pre-pay part of the mortgage. This is, historically, a paid feature for JP mortgages. It costs ~$40 to do a partial pre-pay in branch "but we'll let you do it for $0 through our mobile app."
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Which, cool, but if it were free in the branch and $40 in the mobile app I'd be really, really tempted to use the mobile app, because seriously, what would possess a person to want to stand in line so that they could talk a person into punching numbers into a web app for them.
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They're mostly leased, though, not owned. (Father works in commercial real estate and a few banks are a large chunk of his book of business.)
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Banking is going to change a lot in the next few years alright. Meanwhile, big banks can't keep balances up to date in real time.https://www.irishtimes.com/news/consumer/bank-of-ireland-app-fails-to-show-balance-in-real-time-1.3467025 …
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This is less a problem with the banks and more to do with their shared settlement system. Challenger banks all use Britain's "Faster Payments" system which takes seconds rather than days.
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So glad to hear you're enjoying banking with us
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Thanks Steve! We love having you with us
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my old bank