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Non-Tech : Bank of America

BAC 54.26

-0.5%

Dec 18 4:00 PM EST

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From: TimF	10/4/2013 7:19:04 PM
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Bank of America joins trend of shrinking bank branches Mark CalveySenior Reporter- San Francisco Business Times Bank of America debuted "express" bank branches that rely heavily on technology to handle customers' banking. The express locations use less space and fewer staff than a typical branch. The smaller branches also include BofA's Teller Assist ATMs, which connect the customer to a teller via video at the touch of a button. On-site staff during office hours will be available to open accounts and answer questions. “We are working to make the customer experience with Bank of America reflect how people live their lives every day,” said Katy Knox, BofA's (NYSE: BAC) retail banking and distribution executive. BofA's first express branch opened on Wall Street. The bank, led by CEO Brian Moynihan, plans to open another five locations by year-end in New York, Boston and the bank's hometown of Charlotte, N.C. California's largest bank is joining Wells Fargo (NYSE: WFC) and others in experimenting with smaller branches to give the bank a broader presence in a market without the expenses associated with a traditional branch. Banks are looking for more effective brick-and-mortar operations as more customers conduct their banking using the industry's smallest bank branch: the smartphone in the customer's pocket. bizjournals.com

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