Bank of America will be closing more locations, but solutions are being considered.
The Office of the Comptroller of the Currency (OCC) announced the closures for the week of November 11–November 25, which were added to the company’s previously announced mass closures.
Since the year began, Bank of America has closed about 150 locations.
It was revealed in October that Bank of America would also close its 21 physical locations around the country.
According to Colleen Haggerty, senior vice president of media relations at Bank of America, the closures are the result of a shift in operations toward a more digital strategy brought on by the pandemic.
Haggerty stated in an email at the beginning of November that “the pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking,” according to The Daily Breeze.
For instance, 90% of our customers now deal with us digitally, and 90% of checks are deposited at ATMs and through mobile deposit outside of branch locations.
On the other hand, Bank of America is excited to start new business partnerships with its clients.
Bank of America announced in June of this year that it will be opening branches in nine new markets over the course of the following four years.
According to a June press release, the new branches will be devoted to Bank of America’s new “high tech and high touch approach” as the company invests in new digital capabilities to modernize its financial centers.
Bank of America hopes to provide “tailored solutions” with this new strategy.
According to the press release, Aron Levine, President of Preferred Banking at Bank of America, stated, “Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives.”
“Although more customers are utilizing our online banking services, many still come into our centers to speak with someone in person about some of their more complicated financial requirements.
They can easily meet with experts for individualized solutions and guidance on their financial objectives and life priorities thanks to our renovated centers.”
In order to better serve its customers and communities, Bank of America today announced that it would extend its financial center network into nine additional cities over the course of the next four years. These markets will provide banking, investing, retirement, lending, and small business solutions. The corporation will now run banking centers in more than 200 markets throughout 39 states as a result of this growth.
“As part of our high-tech and high-touch approach, we continue to invest in digital capabilities and modernize our financial centers to reach more clients and meet their evolving needs,” Brian Moynihan, CEO of Bank of America, stated. “By expanding our capabilities in these markets, we are able to better serve clients and help drive local community growth and development.”
This year, the business will start multiyear retail banking growth throughout nine cities and four additional states, including Nebraska, Wisconsin, Alabama, and Louisiana, in addition to optimizing its retail banking footprint in well-established areas:
- Omaha: By 2025, Bank of America hopes to have five sites open overall. This year, the bank will establish two banking centers in Omaha.
- Louisville: Beginning in 2024, five financial centers will be established in Louisville. In Lexington, the bank’s first Kentucky location opened its doors in 2021.
- Boise: With plans to develop four facilities overall, Bank of America will also open financial centers in Boise in 2024.
- Birmingham: The bank intends to establish five financial centers by the end of 2026, starting with the opening of its first location there in 2024.
- Madison: In 2025, Bank of America intends to establish three locations in Madison.
- New Orleans: The bank is going to increase its footprint in Louisiana by opening its first centers there. By 2025, it hopes to have five sites.
- Milwaukee: In 2025, the business plans to establish five financial centers in Milwaukee, expanding its Wisconsin network to eight locations after expanding into Madison.
By 2026, Bank of America intends to establish its first financial centers in Dayton and Huntsville, expanding its footprint in Ohio and Alabama, respectively.
Aron Levine, President of Preferred Banking at Bank of America, stated, “Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives.”
“Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs. Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”
The bank plans to finish a three-year initiative to update and refurbish its banking facilities across the nation by the end of 2023. More than 2,500 current centers will have undergone renovations as a result of this initiative, with an emphasis on creating meeting rooms and offices where clients can speak with financial specialists, making cutting-edge technology more accessible at the front of the centers, and guaranteeing that customers receive a consistent, contemporary experience inside each center.
The bank is increasing the number of community banking centers it runs to 700 this year from 600 as part of its continuous optimization of its financial center network. By providing jobs and access to essential banking products, services, technology, and capital through its community banking centers, Bank of America promotes financial resiliency and economic mobility while fostering the growth of local communities. Community banking center employees receive frequent training and certification in Better Money Habits financial education tools. They also conduct financial education sessions with customers, teaching them how to budget, save, and manage their money. With over 90% of colleagues certified in Spanish and the remaining partners certified in at least one of 12 other languages, more than 2,600 teammates are also qualified to assist clients who do not understand English.