I have the good fortune to talk to banks and marketplace lenders almost daily. In every case, the focus is on expanding their portfolios and reviving the branch banking system. That’s right, reviving. Branch banking is dead, but it is also in the best position to help small businesses.
Not long ago, the average business owner visited their local branch about 29 times per year. Today, it’s less than 3. With all of the banks investment in technology, banking has become easier and you can do it from anywhere. Great for the consumer, terrible for the relationship manager who used to excel at talking to his business clients who visited the branch.