You may feel a bit cramped
As fewer account holders make trips to physical branches, some members of the banking industry are experimenting with new branch models that are a fraction of the size of traditional locations.
"These express banking centers are a way of still having a physical presence for consumers but with smaller real estate overhead costs," McBride says.
In addition to opening smaller branches, Barnhart says that customers can expect to see more limited-service banking locations pop up in supermarkets, subway kiosks and other new locations.
"The one-size-fits-all branch model is going away," Barnhart says. "For a long time, every bank built the same kind of branch everywhere. Now, customer preferences are evolving due to the convenience and accessibility of new technologies, and branches will follow suit.
"Customers don't need a 5,000-square-foot branch every time they go to the bank," Barnhart says.