Banks can hurt themselves when they close a branch

As banks across the world grapple with attracting customers to their digital platforms, a new report from Bain & Company states that the likelihood of a U.S. consumer switching banks rises 14 percent when that consumer is affected by a physical branch closure.

Therefore, before banks close a branch, said Maureen Burns, a partner with Bain, they need to lay the groundwork by training customers how to use digital banking.