Bank Branches, Explained

One of the weird mysteries, to me anyway, of the past several years was the proliferation of retail bank branches. Perhaps this was why.

Bankers have long assumed that “people who like online banking have no money, and people with money don’t like online banking,” said Seamus McMahon, a former regional president for HSBC Holdings Plc’s U.S. banking unit. Now, “there is a group of people who were in their 20s and are now in their 30s, and actually have some money.”

I just assumed it was mostly marketing. Perhaps there was more to the thinking, right or wrong.