# End of an era and a new trend for the Canadian banks



## carverman (Nov 8, 2010)

With the advent of the latest iphones and internet banking, the requirements to keep bricks and mortar bank branches open just to serve customers seems to be fading rather fast these days with the profit driven major banks.

Already most major banks allow a snapshot of a check via your iPhone to be deposited into your account accessible by iPhone. CIBC has their penguins
advertising that on TV to make their customers aware of it.



> The increase of technology in the financial services industry is going to have a huge impact on the way Canadians do banking,”





> The reality could be hard hitting for the residents of smaller towns, who continue to see the bank branch as a central place for social interaction. Branch closures could mean the amalgamation of two branches in a community but consideration will be taken in those areas to provide extra assistance to clients such as extended branch hours, Saturday banking and online- and mobile-bank training.





> “Walking into any bank branch [to open an account] is a bit of an arduous process,” said Mr. Porter, who complimented the account-opening process at digital online bank Tangerine, also a subsidiary of Scotiabank, as sleek and efficient.


Good news for the major banks as it will increase their profit margins as the leases expire, but customers will miss that friendly face behind the counter and
the bank robbers... even more...

http://www.theglobeandmail.com/repo...own-branch-closures-ceo-says/article24926205/


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## Beaver101 (Nov 14, 2011)

carverman said:


> ...
> Good news for the major banks as it will *increase their profit margins as the leases expire*,...


 ... yep and in line with their motto - *pay more, get less* with their never-fail annual (or semi-annual? can't keep up) fees increases ... 




> but *customers will miss that friendly face behind the counter *and ... even more...


...or perhaps it's the other way around where the customer will no longer have listen to those sales pitch from those in-branch only "personal bank managers turned reps/2 jobs-for-1"? :biggrin: 

Great opportunity for credit unions or niche banking start ups to take up these locations. 

Hmmm ... is this a progressive industry or a regressive one?


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## kcowan (Jul 1, 2010)

TD has two scanners in their ATMs, one for cheques and the other for bills. No need to key in amount of deposit anymore. And they print an image of the cheque on your receipt. I get so few cheques anymore, I sure hope they are not investing in all this stuff for me. Must be for their store clients.


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## carverman (Nov 8, 2010)

Beaver101 said:


> Great opportunity for credit unions or niche banking start ups to take up these locations.
> 
> Hmmm ... is this a progressive industry or a regressive one?


Maybe "they are a little bit country and a lot more rock and roll?


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## cainvest (May 1, 2013)

carverman said:


> With the advent of the latest iphones and internet banking, the requirements to keep bricks and mortar bank branches open just to serve customers seems to be fading rather fast these days with the profit driven major banks.


Fading .. Really?

In the past few years haven't branches been open more, both longer hours on somedays and some branches open on the weekends?

Years back I remember banks only open Mon-Fri until 4pm with some only extending hours to 6pm on a Thursday or Friday.


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## sags (May 15, 2010)

Wishful thinking by the banks, I think.

If anything the lineups in our local branch are getting longer and longer.

Every time the government introduces a new program (RRSP, TFSA) it creates more people at the banks asking questions.

The days when government benefits are paid.............take a lunch with you............


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## carverman (Nov 8, 2010)

cainvest said:


> Fading .. Really?
> 
> In the past few years haven't branches been open more, both longer hours on somedays and some branches open on the weekends?
> 
> Years back I remember banks only open Mon-Fri until 4pm with some only extending hours to 6pm on a Thursday or Friday.


Well I only report what I hear or in this case..see on the news.:biggrin:

yes, some branches are open on saturdays and have later hours..and not sure why the big banks are even thinking of (possibly) closing some branches to
'improve efficiency and profit" and targetting the smaller centers. After all, isn't the real reason for the major banks is to serve the customers and also
those that don't use smart phones to deposit and do all their banking by internet..like the seniors who may not all be tech savvy, like me:biggrin:
..
Bricks and mortar bank facilities cost the major banks (as a well known Dragon's Den outspoken investor would say) .."M-O-N-E-Y...I need to make money!"

So they hire 'efficiency analysts and pay them huge contracts to see if they can squeeze any more M-O-N-E-Y..out of:

1) their customers (raise banking fees)..failing that..
2) reduce the branch staff and have fewer part timers working there and maybe more robots/ATM
3) close some branches were there has been a population or customer shift and tell the remaining customers to use the newer "improved" facilities
to serve you better (perhaps an ATM machine in a bus stop (glass enclosed shelter) rented from a shopping mall.

and of course 
4) expanding their internet services

Now where is that guitar playing guy with those singin' PESKY pigeons?...:highly_amused:

*"dollarswehave dotca*
come to us when you run out of pay
you don't need to wait in line all day
your smartphone or laptop will do just fine
no need to kill time
just keep paying our fees... and please stay

"*dollarswehave dotca'*
why should you bank the old fashioned way?
Just take change in stride, and swallow your pride
to give those big phone companies more of your pay"

*"dollarswehave dotca'*

Our bosses keep asking more pay,
We'll have to let go, another few thousand today,
and keep raise our fees till ever'y" screams "Jeez"
no need to thank us for working for you,


*Chorus:*

"*dollarswehave dotca*
we have billions growing each day..
take a haircut we say, in the interest we pay
and be happy that we'll still need you.....ok?


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## carverman (Nov 8, 2010)

sags said:


> Wishful thinking by the banks, I think.
> 
> If anything the lineups in our local branch are getting longer and longer.
> 
> ...


That's only for the RRSP rush..at the end of February. 

That will be changing soon because the seniors in those lineups without smart phones, are dwindling off in the coming years ,
and the younger crowd HAVE NO MONEY to put away .....because they pay smart phone fees.:biggrin: Bwaahahaha!


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## Beaver101 (Nov 14, 2011)

carverman said:


> ...
> 
> Bricks and mortar bank facilities cost the major banks (as a well known Dragon's Den outspoken investor would say) .."M-O-N-E-Y...I need to make money!"
> 
> ...


 ... you forgot TFW :frown: on that list ... but in the meantime ROFL on the shorus/song and guitar strumming! ... :highly_amused:


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## carverman (Nov 8, 2010)

Beaver101 said:


> ... you forgot TFW :frown: on that list ... but in the meantime ROFL on the shorus/song and guitar strumming! ... :highly_amused:


TFW?..no don't recognize those guitar chords:biggrin:

The Maj chords are C, F and G7, or G, C and D, and of course their relative minor chords (G Emin C D, and variations of chord progressions...every Country singer knows them..why do I even have to mention it. 

Some even have their names spelled out in MOP (mother of peark) or MOT (mother of toilet) on the fingerboards.

ie: Hank Snow, George Jones...(The guy in the commercial has a "fluffed up" George Jones haircut...but I digress.

Here is the catchy tune.. get ready to sing aloing...*just substitute my words *so you don't become brainwashed..

*BTW..read my new and improved edited version (above in #7)....*

now for your listening pleasure..
https://www.youtube.com/watch?v=dFBUUmVTaxc

and in case yer interested..git yer cowboy hat and boots and join George Jones in singin'...
https://www.youtube.com/watch?v=hmNsdZZaQI8


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## cainvest (May 1, 2013)

carverman said:


> Well I only report what I hear or in this case..see on the news.:biggrin:
> 
> yes, some branches are open on saturdays and have later hours..and not sure why the big banks are even thinking of (possibly) closing some branches to
> 'improve efficiency and profit" and targetting the smaller centers. After all, isn't the real reason for the major banks is to serve the customers and also
> those that don't use smart phones to deposit and do all their banking by internet..like the seniors who may not all be tech savvy, like me:biggrin:


The gov switching to direct deposit only for CPP/OAS/GST will have an impact on tellers (at least on the longer lines) next year. I still don't think it'll cause any real downsizing measures on their part. Business transactions, investments, mortgages and loans will keep many branches going for a long time. I'm one who rarely uses tellers, maybe once a year or two, so no real loss to me if they scale back on the number of branches.


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## carverman (Nov 8, 2010)

cainvest said:


> The gov switching to direct deposit only for CPP/OAS/GST will have an impact on tellers (at least on the longer lines) next year. I still don't think it'll cause any real downsizing measures on their part. Business transactions, investments, mortgages and loans will keep many branches going for a long time. I'm one who rarely uses tellers, maybe once a year or two, so no real loss to me if they scale back on the number of branches.


All my gov' pensions and tax refunds have been DD for years now. I use PCF banking so I don't ever need to set foot into a bank, and with Loblaws having a ATM, it makes it very convenient for me.
Not sure if they will eliminate local branches all together, but they will probably close some especially if there is more than one branch in a specific area that can be served by just one branch instead of duplication of 2 or 3 or more.

I remember years ago (70s) when I used to live in TO on the Danforth. At the 4 corners of Danforth-Woodbine, there was a local branch representing the 4 major banks back then, and then about 2 blocks away more branches of the same s on the Danforth. Now most have been eliminated and other businesses (pizza) have taken over.

I would expect that the downsizing these days will be more to usage and how much they are still being used. I can set up bank accts, TFSA, RRSP. GICs and other banking products over the internet and the phone with PCF...no need to ever visit one of their Loblaws kiosks that have been reduced down to one in the west end of Ottawa...as an example.

With the new generation being more tech savv, y and doing internet or telephone banking, there probably is no real need to go into a bank anymore...except to maybe set up a mortgage, but I could have even done that by setting one up remotely with a PCF kiosk a few years ago.


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## fraser (May 15, 2010)

We very seldom go to our bank branch. We do most everything on the web or ATM other than the safety deposit box.

We have seen some amalgamation of branches but I have to say our bank is better than it was when we first transferred to it 15 years ago.

It has longer business hours and it is open on Saturdays and on Sundays. We avoid visiting the bank during the usual busy hours and we very seldom have to wait more than 5 minutes.
Having said that, we have moved all of our money and investments away from the bank and only keep a low dollar current account because high fees.


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