It’s been said that the bank branch is dying, and while branch traffic is certainly down compared to, say, 20 years ago, rumors of its demise are greatly exaggerated. Still, the old days of banks just plastering new branches everywhere as if they were billboards are surely over; financial institutions need to be more strategic about where they decide to locate new branches. And some are turning to artificial intelligence to do just that.
American Banker reports that some are looking to AI to examine factors such as an area’s economy, population and real estate market to determine the optimal locations for new branches. Perhaps in this case, AI can help create new jobs for humans, as opposed to replacing them.