DESPITE banks’ nudging towards online tools, many US customers are not ready to give up regular visits to their nearest branch, complicating the industry’s efforts to slim down.US banks have trimmed the number of branches 6% since it peaked in 2009, according to Federal Deposit Insurance (FDIC) data. The 93,283 branches open at the end of 2015 was the lowest level in a decade. Yet analysts who have examined the data say banks should have done more to offset the pressure on revenue from low interest rates and regulatory demands.The number of FDIC-insured banks has fallen more than 25% over that time, even as industry assets have grown, indicating room for greater branch consolidation.Bank executives argue, however, that branches remain crucial for acquiring new customers and doing more business with existing ones. Closures, they say, would hurt revenue more than help reduce costs. "Our customers still want to visit us," says Jonathan Velline, Wells Fargo’s head of ATM and store strat...
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