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Bank of America's "living room" branches

Credit: Reuters Studio
Published on April 5, 2019 - Duration: 01:11s

Bank of America's "living room" branches

Bank of America will modernize more than half of its branches to respond to changing consumer behavior.

As Fred Katayama reports, some sections look like living rooms.

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Bank of America's "living room" branches

This looks more like a living room than your bank with the teller counter.

It's part of Bank of America's plans to modernize more than half of its branch network.

At a time when fewer people are visiting bank branches, some banks like BofA are sprucing them up and investing in expansion again.

Bank of America said it'll renovate over 2,500 financial centers over the next three years.

The nation's second largest bank plans to outfit its branches with interactive kiosks where customers can view videos that offer financial education.

Visitors can consult advisers in walled-in offices that offer privacy.

BofA will also upgrade its ATM network.

Machines will enable customers to pay their credit card bills and withdraw cash using their mobile phones.

Bank of America will also boost its retail network.

It's adding nearly 30 new financial centers in Ohio over the next two years and it'll expand into Lexington, Kentucky next year.

It's part of its previously announced pledge to add 500 branches to its network of 4300.

But it'll still be smaller than that of the largest U.S. bank.

Last year, JPMorgan Chase began adding branches for the first time in nearly a decade.

It currently boasts 5000 branches nationwide.

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