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What is happening to branch banking as mobile services spread?
ABranches are taking on the clearing of every cheque
BBranches are being converted into insurance offices
CBranches are handling more deposits than ever before
DBranches are becoming less prevalent year by year
Answer & Solution
Correct answer: D. Branches are becoming less prevalent year by year
1. Most banks continue to offer local branch offices today.
2. Branch banking is nonetheless becoming less prevalent as online and mobile services grow more popular.
3. Apps already let a customer move money between accounts or deposit a cheque from a smartphone almost instantly.
4. Work moving on to the phone is the reason branches are shrinking, so they cannot be handling more than ever.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 15 "Understanding Money and Financial Institutions", section 15.6 Trends in Financial Institutions_
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