Bank of America Corp (BAC), Wells Fargo & Co (WFC): Big Banks Bet on Slick New Branch Model

That’s because Bank of America Corp (NYSE:BAC) is planning to make its new branch sites a kind of mini-banking center , where customers can videoconference with remote advisors, and do practically any transaction that would normally be available only at a main bank location. One transaction that B of A is pushing at these brand-new sites is mortgage lending.

Even as the mortgage business cools, Bank of America Corp (NYSE:BAC)’s CEO Brian Moynihan disclosed in the bank’s first-quarter earnings call that the plan is to increase the number of mortgage banking specialists in branch locations, as well as processing staff for the back office. CFO Bruce Thompson noted that this drive has helped boost mortgage originations by 57% year over year.

As a Bank of America Corp (NYSE:BAC) executive recently commented, customers still want the face-to-face banking experience. The biggest banks are figuring out how to give consumers what they want in that arena, while still containing costs and increasing profits. The reinvented branch model is still new, but it definitely looks like a step in the right direction.

The article Big Banks Bet on Slick New Branch Model originally appeared on Fool.com and is written by Amanda Alix.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

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