Philadelphia is bucking the trend of declining bank branches outside of the city
February 25, 2020
Center City in Philadelphia appears to be bucking the trend of declining bank branches outside of the city. New branches are being built and others are seeing extensive rehabilitations.
The Philadelphia Inquirer outlines what’s behind the trend. National banks are moving in and are basing their location plans on high-traffic areas. Also, out-of-town banks are attempting to capture a share of the lucrative Center City market.
One former business banker told the paper there’s also still a desire for face-to-face contact. Artificial intelligence hasn’t yet replaced human interaction.
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