Citizens Bank, one of the largest banks in the United States, has announced plans to close several of its branches in January 2025. The closures are part of a broader trend in the banking industry, as more and more customers are using online and mobile banking services.
There are several reasons for the decline in branch banking. First, online and mobile banking services are becoming increasingly convenient and user-friendly. Customers can now deposit checks, transfer funds, and pay bills from the comfort of their own homes. Second, the cost of maintaining a physical branch is high, and banks are looking for ways to cut costs. Third, the number of bank branches has been declining for years, as banks have consolidated their operations and closed underperforming locations.
