One of the biggest challenges facing retail banks today is the significant drop in branch traffic. Over the past decade, consumers have increasingly adopted online and mobile technology to fulfill their banking needs, and as a result, they are visiting branches less frequently. In a Celent survey of North American financial institutions, ‘most respondents said they expect branch foot traffic to decline at a steady -5% compound annual rate.’ This decline has led many banks to shutter physical locations, with 1,614 bank branches in the U.S. closing in 2015 alone.

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