Bank of America is planning to trial video conferencing technology in branches that will enable customers to talk with investment specialists in other parts of the country.
With customers increasingly using online and mobile banking services, BofA plans to make cost savings by reducing its network of nearly 6000 branches this year.
Meanwhile, in a bid to boost revenue at some remaining outlets, video conferencing is being piloted, Walter Elcock, the executive responsible for branches revealed in a Bloomberg interview.
Branches in Los Angeles and the Washington, DC, will begin testing video conferencing rooms this month, with customers talking to Merrill associates in New Jersey, Florida and Arizona.
Elcock did not provide details on the technology being used for the trials but last year BofA signed up for a minimum 200 unit-strong roll out of Cisco's TelePresence, a video conferencing and collaboration system that enables virtual face-to-face meetings across multiple locations.
BofA to Trim Branches, Test Remote Wealth Advisers - Bloomberg