The digital banking road is long and winding: Just weeks after abandoning a mobile-only offshoot, JPMorgan Chase held a glitzy grand opening for a new flagship branch in Midtown Manhattan, kicking off what will be a substantial expansion of the US giant's network.
Chief executive Jamie Dimon declared the bank "thrilled to be on the expansion tail again," at the opening, noting that it will result in thousands of new jobs.
Customers may increasingly be migrating to new digital channels but JPMorgan Chase has determined that the best way to win over new business is to expand its physical footprint.
The bank decided last year to open 400 branches in 20 key new markets, including BofA heartland Charlotte and St Louis. Some 90 of those branches, beginning with the new flagship, will open this year.
In an effort to bridge the physical-digital divide, the 12,500 square foot Manhattan branch is packed with technology: ATMs can perform 80% of transactions, leaving tablet-wielding staffers to help with more complex customer issues.
Speaking at the opening, as quoted by The Financial Brand, Gordon Smith, consumer and community banking CEO, JPMorgan Chase, said: “Branches are the heart of the company. Whenever we move into a new location, it’s the branch that drives all of the business we do.
"We hear an awful lot about, ‘Will branches exist in the future?’ The answer is a very resounding ‘Yes’."