Face-to-face customer service at a bank branch might become a rare luxury in the future. The number of Finnish bank branches will dwindle down to just under a thousand, reveals an unpublished report by the Financial Supervisory Authority (FIVA) obtained by Savon Sanomat.
In 2007 there were 1,627 bank branches providing customer service. During the 2000’s, around a hundred bank branches have closed their doors for good annually, says FIVA’s Head of Banking and Insurance Products and Services Timo Peltonen.
Peltonen says the growing popularity of online banking is the main reason behind the diminishing number of bank branches.
“The pace has slowed down a little, which means we’ve probably reached a limit,” Peltonen says.