Report: Bank Tellers Going Way Of Milkmen, Dinosaurs

A new report from consulting and analysis group Celent says that the United States will see 30 to 40 percent of its bank branches closed down over the next decade as consumers embrace new digital banking alternatives.

The study analyzed bank branch growth beginning the 1930s, and found that since 1970, there has been a 281 percent growth in the number of FDIC-insurance banking locations. To put this into perspective, the study noted that there were 107 branches per million Americans in 1970 and 270 branches per million Americans in 2011.

Still, the future isn’t expected to be as bleak for banks as the workforce that will be displaced.

“Beyond simply reducing the number of operating branches, what is needed is a fundamental redesign of retail operating models. Rather than resisting the trend, banks should welcome it and reinvest the savings,” Bob Meara, a coauthor of the report, said.

Read the full report here.