Bank Branches Keep Disappearing in NJ
Taking care of many financial matters used to mean going to the bank, but in New Jersey, that is no longer the case.
After the pandemic, many bank branches closed and a lot of them have never reopened. According to Michael Affuso, the president and CEO of the New Jersey Bankers Association, this trend actually started before the COVID health emergency because most customers were becoming increasingly interested in virtual banking.
He said customer traffic in brick-and-mortar banks has dropped significantly because there’s now an easier way to do things.
“Once customers learned that they can use smartphones, use direct deposits, even business customers who use remote deposit capture, I don’t they’re really going to go back to the branch,” he said.
No need to physically show up
He said most customers can do just about anything they need to online, including depositing checks and looking at their balance.
Affuso noted in some instances, with small business customers or somebody that’s part of the gig economy with various income sources, they may still need to go into a branch for a loan application.
He said in some instances seniors may feel more comfortable going into a branch to take care of business, but “I don’t discount the ability of all ages to use either a computer or a smartphone.”
He stressed banks are capitalist organizations and the only way they make money is by serving their customers.
“The banking industry was there for you during the pandemic and we’ll continue to be there during the future of economic uncertainty.”