There has also been considerable consolidating in the banking world. There used to be thousands of independent banks in small towns. These have been systematically rolled up into just a few mega banks.
While the loss of tellers is sad, the loss of independent banks is extremely troubling.
Not really troubling since it is the plight of a mature market. The reality is the only way to make money is with size. Since local banks survived basically lending to small businesses, as those started to diminish, smaller banks couldnt survive.
It is no different than most other industries. It is also a sign of how things are declining in banking overall.
20 years from now, the industry will be like newspapers. A few hanging on but a shadow of what they use to be.
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