BofA’s Head of Branches: ‘Proximity Is Still Important to People’

Article Summary

Despite the rise of digital banking, Bank of America continues to emphasize the importance of physical branches in maintaining customer relationships and community presence. Will Smayda, BofA’s head of financial centers, stated that while 90% of client interactions now occur digitally, physical locations still play a crucial role in customer acquisition and brand trust. The bank plans to open 40 new branches by the end of 2025 and an additional 110 locations between 2026 and 2027, reinforcing its commitment to accessibility.

Over the past decade, BofA’s branch count has declined by 21%, yet the number of consumer and small business customers has grown by 47%. The bank’s strategy involves consolidating older locations and replacing them with modern financial centers designed for advisory services rather than traditional transactions. Other major banks, including JPMorgan Chase, PNC, and Fifth Third, are also expanding their branch networks, recognizing the continued demand for in-person banking experiences.

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Local Business Types for Broadcasters to Consider Contacting

Commercial Real Estate Agencies – These firms can use broadcast advertising to highlight opportunities for businesses seeking prime locations near financial centers.
Local Construction Companies – With banks investing in new branch locations, construction firms can leverage broadcast media to showcase their expertise in commercial development.
Community Business Associations – Organizations supporting local businesses can use radio and TV ads to emphasize the economic benefits of financial center expansions.

Three Creative Campaign Ideas for Broadcasters to Consider

Radio Station Commercial Idea: “Banking Where You Need It” – A compelling ad featuring testimonials from customers who value having a local branch for financial guidance and support.

TV Station Commercial Idea: “The Future of Banking Access” – A visually engaging segment showcasing how modern financial centers enhance customer experience and community engagement.

Digital Advertising Campaign Idea: “Your Neighborhood Bank” – An interactive campaign featuring maps, customer stories, and expert insights on the role of physical branches in financial stability.