Digital Drives Downsize
March 4, 2020
Capital One’s is paring its numbers of physical branches by 37. The credit card company hasn’t revealed the locations yet of the branches, which are known for being coffee bars as well.
Capital One has three of the bank/café locations in Boston. Derek Conrad, a Capital One representative, revealed to Crowd Fund Insider that the bank’s clients are “increasingly engaging with us digitally.” It has submitted applications, with the Office of the Comptroller of the Currency, to shut down many of its brick-and-mortar locations.
Conrad added, “We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc., however, we know that many customers still value some physical presence to provide assurance, advice, and the ability to facilitate and support some transactions.”
Conrad confirmed that Capital One is currently working to ensure that its customers continue to have access to digital banking services.