The new locations will be spread across 60 markets, the banking giant said in its announcement Tuesday (May 13). The plan calls for opening 40 new “financial centers,” as the lender calls its branches, this year and another 70 in 2026.
“Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,” Bank of America Consumer, Retail and Preferred President Holly O’Neill said. “We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals.”
The announcement notes the bank has invested $5 billion expanding and renovating its locations since 2016.
That includes the opening of a new flagship financial center at Bryant Park in New York City, to allow customers to connect with financial specialists or have informal meetings. Bank of America says it is also pushing into some other markets, planning to open new financial centers throughout Idaho.
As PYMNTS wrote last year, both Bank of America and rival J.P. Morgan Chase have been investing in physical banking locations in recent years.
While both banks “conceded that local offices won’t supplant the convenience digital banking offers, both also said they recognize physical locations give consumers a place to go when they want to discuss loans or seek financial advice,” that report said.
And it’s not just big banks that recognize value in brick-and-mortar sites. PYMNTS Intelligence research found that 12% of credit union (CU) members said they moved from traditional financial institutions to CUs specifically because their old banks didn’t have a local presence.
Meanwhile, digital banking continues its onward march, driven by younger consumers, as PYMNTS wrote last month.
A PYMNTS Intelligence study, “Generation Zillennial: Driving Financial Service Innovation,” examines the financial preferences and behaviors of this age group, spotlighting their strong inclination toward mobile-first banking, along with eagerness for innovative financial offerings.
“Despite being digital natives with a keen interest in novel financial services like buy now, pay later (BNPL) and cryptocurrency, zillennials surprisingly show a greater affinity for national banks as their primary financial institution, signaling a nuanced relationship with the digital financial landscape,” PYMNTS wrote.
