Inside The Tech Takeover Of America's Bank Branches

A Bank of America branch in Charlotte, North Carolina had an interesting feature — there was no one working in it

- Robert Armstrong

In the age of mobile banking, branches increasingly feel like an anachronism. But if the smartphone is killing the American branch, it is doing so very slowly. Yes, the number of US bank branches peaked five years ago, at close to 84,000. But that number has fallen by only about 1 per cent a year since and banks still see a lot of value in their branch networks.

Part of the reason: branches are themselves becoming more digital.

Two #fintechFT field agents recently visited a Bank of America branch in Charlotte, North Carolina with an interesting feature. There was no-one working in it. And this was not one of those creepy vestibules that stays open all hours offering ATM access. It was a proper branch, complete with those little couches nobody sits in — but no tellers, and no bankers.

The branch features a large screen that initiates a Facetime-like connection with a service representative once you enter the lobby. The FT was greeted by a friendly man named Oscar, sitting behind a desk 600 miles away in Tampa, Florida. His job is to make sure customers sitting in 26 “advance centres” all over the country can complete almost any transaction they would in a regular BofA branch. If the transaction is private or needs support from a specialist, the branch offers a room with a soundproof door — unlocked with a phone or ATM card — where Oscar can connect you for a video chat with, say, a mortgage or small business loan expert.

Asked if he was wearing trousers, Oscar insisted that he was. The FT decided to take him at his word.

If talking to a human being by video link is still too analogue for you, another screen shows Erica, a friendly digital assistant, who responds to questions (FT found Oscar to be the better option; score one for the humans).