Capital One Financial has unveiled plans to shutter 37 physical branches across the US due to consumer shift to online banking.
The bank has already filed the branch closures with the Office of the Comptroller of the Currency.
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Capital One spokesman Derek Conrad said: “Our customers are increasingly engaging with us digitally.
“We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc.
“However, we know that many customers still value some physical presence to provide assurance, advice, and the ability to facilitate and support some transactions. We do too.
“Our goal is to deliver a compelling and optimal customer experience across all channels, not just one.”
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By GlobalDataConrad added that the bank intends to deliver online banking services to all its customers.
The move is part of the bank’s strategy to streamline its traditional banking operations with the emerging need for digital banking.
Many other banks including Bank of America, JPMorgan, Zions Bancorp and Huntington Bancshares are also investing in technology upgrades.
Capital One revenues recorded a compound annual growth rate (CAGR) of 6.4% from 2015 to 2019.
Its net income recorded a CAGR of 8.2% for the same period.
In September 2019, the firm also expanded its credit card business by partnering with retail giant Walmart to be the sole issuer of its co-branded credit card program.
