Ned Miller
Building the Next Generation of Bank Sales Leaders-- 484-433-2378
- Report this post
Is Chase going to be opening a branch near you? For what it's worth, the two closest branches to me in suburban Philadelphia are new outposts of Chase. Here's Jamie Dimon's explanation why-- and why community bank sales leaders need to pay attention.“Think of a small business; You got to drop off your currency, pick up checks, get a certified check, pay your vendor, get a wire transfer done,” Dimon said. “It’s easy to go to a branch, and believe it or not private banking clients, middle-market clients, they all use branches. So we look at the data. It's not about what we want — it's about what you the client wants. And we find them quite successful.” (Philadelphia Business Journal February 22, 2024)#bankingindustry #banksales
45
4 Comments
Carl Needles
#ENRICHINGLIVES #EMPOWERINGGENERATIONS
2mo
- Report this comment
I saw a Chase going into the refurbished Drexel Line Shopping center, Delco. I saw the coming soon sign and was surprised that Wells Fargo was not going back in there.
1Reaction
Bill Detweiler
Small Business Banker & Consumer Banker | Helping Small Business and Consumer Clients Create More Wealth/ ERTC Specialist
3mo
- Report this comment
Hi Ned…Thanks for sharing. I know they are opening a new branch right next door to our King of Prussia branch. Competition makes us stronger…right?
1Reaction 2Reactions
Marilyn Smith Cobble
Government Guaranteed Lending Division @Apexbank
2mo
- Report this comment
I hear we are getting one in Blount County TN!
To view or add a comment, sign in
More Relevant Posts
-
Badon Commercial Real Estate
261 followers
- Report this post
Comment, Share, & Like! Truist Shuttering 8 Atlanta Branches. At-home, electronic banking has changed the retail banking landscape. Banks are being forced to find a new way to handle transactions and enlist customers. Truist is continuing a trend in the industry of closing branches. The company will shutter eight branches across Georgia as part of the bank’s move to cut 4% of its locations ...The post Truist Shuttering 8 Atlanta Branches appeared first on Connect CRE. http://ow.ly/V6L810579tr #BCRE #FutureForward #Atlanta
Like CommentTo view or add a comment, sign in
-
Adesola Badon
President & CEO at Badon Commercial Real Estate
- Report this post
Comment, Share, & Like! Truist Shuttering 8 Atlanta Branches. At-home, electronic banking has changed the retail banking landscape. Banks are being forced to find a new way to handle transactions and enlist customers. Truist is continuing a trend in the industry of closing branches. The company will shutter eight branches across Georgia as part of the bank’s move to cut 4% of its locations ...The post Truist Shuttering 8 Atlanta Branches appeared first on Connect CRE. http://ow.ly/V6L810579tr #BCRE #FutureForward #Atlanta
1
Like CommentTo view or add a comment, sign in
-
Siddique Islam PGDED (DScE), MEE (DU)
Chief Market Analyst @ Bank Asia Limited
- Report this post
JPMorgan Chase Still Prefers Bricks-and-Mortar Branches: Hundreds of branches at rival banks are being closed each year, and customers are shunning the teller and choosing the mobile app. But at the America’s biggest bank -- JPMorgan Chase, old-fashioned bricks-and-mortar locations are part of the secret sauce. The bank announced plans on Tuesday to double down, continuing a yearslong strategy. JPMorgan plans to build 500 new branches in the next three years. The multibillion-dollar investment will fill out cities it has recently entered such as Boston, Philadelphia and Charlotte, N.C. For context: Only 17 banks have more than 500 branches today. JPMorgan has close to 5,000, according to the Wall Street Journal (WSJ). JPMorgan now has more than US$2.0 trillion in deposits, nearly double what it had a decade ago. In 2021, it surpassed Bank of America as the biggest total deposit holder, according to Federal Deposit Insurance Corp. data. Executives have a target of gathering 20 per cent of the entire country’s deposits, up from 12 per cent today, according to S&P Global Market Intelligence. The New York City based global newspaper also said JPMorgan isn’t alone. Its top consumer rival, Bank of America, has been counting on branches for its own market expansion and renovating others to defend its turf. After seeing early gains, it announced a new stage last summer. It plans to enter nine new markets and four states in the coming years, which would bring its total to 39 states. It has 11 per cent of all deposits today and ranks in the top two deposit holders in 23 of the 30 biggest markets.However, leaders at the big banks believe branches remain the key ingredient to drawing in new consumer and small-business clients, even in an increasingly digital world.#jpmorganchase, #bankofamerica, #branches, #wsj, #bricksandmortar, #newyorkcity, #deposits, #consumers, #digitalbanking, #mobileapp, #digitalworld
2
2 Comments
Like CommentTo view or add a comment, sign in
-
Alex Baghdjian
Co-Founder @ Funday | Branding, Advertising, Emerging Tech
- Report this post
Why is JPMorgan Chase opening 500 new bank branches?It's a head scratcher. But let's break down why 👇Every bank is shutting down branches.It's just cheaper and easier to service customers digitally.But JPMorgan Chase might be on to something.It has to do with how to get consumers to switch banks.In most surveys, the reasons for people to switch will be (generally in this order):1. Online and Mobile bank capabilities2. Fees/Pricing3. Customer service4. Bank branch networkLooking across JPMorgan Chase's main competitors, it's tough to differentiate with number 1 and 2.A lot of the big banks offer similar features and an online/mobile experience.But more bank branches are just another great reason to get a consumer to switch.Let's also do some quick, rough math.The average bank branch costs $1.5M to set up and $1M/year to service.With an average of 900,000 customers entering their local branch every year.That's $50 to service a branch customer over a 3 year period.Bank branches effectively have captive audiences.Branch employees can take the time to cross/up-sell that consumer into a mortgage, wealth management service, or other product/services.Increasing the LTV of one customer.There's more to unpack with this strategy.But it might not be a bad move by JPMorgan Chase.#jpmorgan #finance #banking #fintech #innovation
11
2 Comments
Like CommentTo view or add a comment, sign in
-
Crynet Marketing Solutions
681 followers
- Report this post
Chase's Bold Expansion: Over 500 New Branches and 3,500 Jobs by 2027 🏦✨In an ambitious move signaling robust confidence in the future of physical banking, Chase has unveiled plans to significantly expand its branch network across the United States. By 2027, the banking giant aims to open more than 500 new branches and welcome 3,500 new employees to its team. The expansion is not just about numbers; it's a multi-billion dollar investment in the financial health and vitality of communities nationwide. With a strategic focus on cities such as Boston, Charlotte, the Greater Washington region, Minneapolis, and Philadelphia, Chase is set to deepen its footprint in existing markets while also venturing into new territories. At the heart of this expansion are Chase's Community Center branches, designed to serve as inclusive hubs for financial education and community engagement. These branches will offer extra space for community events, financial health workshops, and small business pop-ups, specifically targeting communities that have faced historical barriers to banking. Furthermore, Chase is set to introduce over 20 J.P. Morgan branches aimed at affluent clients, enhancing its high-end banking and wealth management services. This move not only diversifies Chase's service portfolio but also leverages the strengths of both Chase and the acquired First Republic branches to offer a unique banking experience.This extensive branch expansion and renovation effort underscores Chase's belief in the enduring value of the physical branch. By investing in both the infrastructure and the communities it serves, Chase is reinforcing its role as a cornerstone of everyday financial life and a catalyst for economic growth.#Chase #Banking #Innovation #Community #FinancialInclusion #economics
4
1 Comment
Like CommentTo view or add a comment, sign in
-
Sergey Golubev
Managing partner – Crynet Marketing Solutions
- Report this post
As Chase moves forward with its expansion plans, the banking giant sets a new standard for how banks can serve as catalysts for community development and economic empowerment. This initiative not only strengthens Chase's market position but also contributes to the broader narrative of banking's evolving role in society. #Community #economics #Chase #Banking
3
Like CommentTo view or add a comment, sign in
-
Ersel Holder
Fluent listener!
- Report this post
"Going forward, Chase anticipates a small increase in its branch footprint.“Just to be totally clear, it is a love affair with branches,” said Piepszak, “but that doesn’t mean that we can’t optimize the footprint over time.”"What does an "optimized footprint" mean for your institution? What steps are you taking to reach optimization?How can partnering with QSI help you achieve those objectives?#communitybanking #creditunions #OBA #CBAO #cornerstone #banks #branchbanking #ITM
1
1 Comment
Like CommentTo view or add a comment, sign in
-
Just a Team of Creators
59 followers
- Report this post
If you've been waiting for a sign, this may be it🚦. JPMorgan Chase recently announced the closure of its iconic Wall Street branch, ending more than 150 years of physical ties between the bank and the street, a generic term for the global money business😒 . As more customers opt for online and mobile banking services, traditional brick-and-mortar branches may become less necessary. This move by JPMorgan reflects strategic decisions based on changing consumer preferences and market dynamics.By the way, Bloomberg reported that consumer advocates warn that the closings risk widening the wealth gap by leaving scores of low-income areas with less competition for services such as personal checking and small-business lending.At JTC, we understand the challenges faced by traditional banks in today's digital age. Our off-the-shelf platform Salto.Bank offers a comprehensive solution for digitizing products and processes, empowering banks to streamline operations, enhance customer experiences, and stay ahead of the curve.With our cutting-edge technology and expertise, we enable banks to seamlessly transition towards a digital-first approach, ensuring they remain competitive and relevant in an increasingly digital world.If your bank is looking to embrace the future of banking and elevate its digital capabilities, JTC team is here to help. Let's embark on this transformative journey together!@photo by Jutharat Pinyodoonyachet for The Wall Street Journal#fintech #neobanks #banking #bankingindustry #fintechinnovation #financialtechnology #financialservices#banks #banking #bankingindustry #neobank #digitalbank #mobilebanking #bankingapp #digitalbanking #neobanks #challengerbank #bankingtech #fintechinnovation #fintechstartup #fintechnews #fintechstartups #digitalfinance #bankinginnovation #businessanalyst#jtc #saltobank
Like CommentTo view or add a comment, sign in
-
Parabit
1,834 followers
- Report this post
Discover how JPMorgan Chase's bold branch strategy challenges the digital banking trend. In an article on The Financial Brand, explore their expansion of 650 new branches, contrary to industry norms. Co-chief executive Jennifer Piepszak highlights the symbiotic relationship between digital channels and branches, driving superior deposit gathering. Learn how Chase's customer-centric approach combines both digital and physical channels, resulting in a 30% increase in customer reach. Explore their recent acquisition of First Republic Bank and their innovative "community center" branches, designed to serve underserved communities. #BankingStrategy #BranchExpansion #DigitalTransformation Read here.
10
Like CommentTo view or add a comment, sign in
-
Jacques LEUGER
Associé JAFLORE
- Report this post
https://lnkd.in/eAcKcaHE"In a startling wave of financial upheaval, 64 US bank branches, including giants like PNC Bank andJPMorgan Chase, have shockingly filed for closure within a mere seven days. This unprecedented move has sent shockwaves through the banking sector, leaving customers scrambling for answers and wondering if their trusted financial institutions are becoming casualties of a sinister trend. Brace yourselves for an exposé on the ominous surge of branch closures that is reshaping the landscape of American banking."
Like CommentTo view or add a comment, sign in
4,267 followers
- 3000+ Posts
- 61 Articles
View Profile
FollowMore from this author
- Lower the Bar! Ned Miller 3y
- 5 Things Most RMs Never Say Ned Miller 5y
Explore topics
- Sales
- Marketing
- Business Administration
- HR Management
- Content Management
- Engineering
- Soft Skills
- See All