Digital Adoption Forces U.S. Bancorp to Consider More Branch Closures

Executives at U.S. Bancorp said they are looking to increase the number of branch closures beyond the initial 10 to 15 percent target; Additional closures will be “driven by changes in customer habits and behaviors,” Chief Financial Officer Terry Dolan said during an interview with American Banker, adding that any future branches will be smaller and more advice-oriented; the trend is becoming more widespread by the day with digital adoption hitting record highs due to the pandemic; U.S. Bancorp said digital use has increased in a number of ways; nearly half of loan sales over the three-month period that ended on May 31 were handled online, including more than 80% of mortgage applications. American banker.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.