Big banks to report Q1 results with lowered expectations

NEW YORK: Bank of America Corp said that more than half of its branch network will be modernised over the next three years to respond to changing consumer behaviour. The second largest US bank by assets will renovate 2,500 retail financial services centres with more interactive technology and a layout that accommodates longer visits for customers who have more complex needs. “We have been very encouraged by the initial results of our centre redesigns and expansions,” Aron Levine, head of Consumer Banking & Investments for Bank of America said. “This work has enabled us to have more in-depth conversations with our clients about their financial plans and priorities.”
The announcement accelerates plans put in place last year to redesign 1,500 centres. Bank of America also said it planned to upgrade its network of 16,000 ATMs to allow customers to pay credit card bills and withdraw cash with their phones, and install an additional 2,700 machines. By 2021, Bank of America’s branch and ATM network will cover more than 90 per cent of the US population, said David Tyrie, head of consumer advanced solutions and digital banking. The percentage of customers who prefer to make their transactions in brick and mortar banks fell to 26 per cent from 38 per cent in 2016, according to a study published this year by consulting firm McKinsey. — Reuters