Worcester Business Journal

12 Worcester Business Journal | March 10, 2025 | wbjournal.com Brick & mortar FOCUS B A N K I N G & F I N A N C E BY MICA KANNER-MASCOLO WBJ Staff Writer B anking is not what it used to be. e days of waiting in line to cash a check with a teller or apply for a credit card are long gone, replaced with apps allowing consumers to transfer money with the swipe of a finger. Showing up to an in-person branch is becoming rarer for those in the U.S., a shift reflected in the number of brick-and-mortar locations available. The country has lost about 1,646 bank branches every year since 2018, according to credit-building platform Self Financial. Self Financial asserts physical bank branches could be obsolete in the country by 2041. But in Central Massachusetts, the confidence banking executives have in the brick-and-mortar model is unwavering: The role branches play in the community, in relationship building, and in financial success are the key to their longevity. "We believe as a community, we have a responsibility to be an institution that is centered here, that's focused here, that's open to all people here, and that we become an institution that means something in people's lives," said Michael Welch, CEO of Whitinsville-based UniBank. Forced acceleration Like all face-to-face services, in-person banking was turned on its head with the onset of COVID-19, pushing customers to mobile and online banking. "e move to digital was already on its way, and COVID accelerated that," said Altaf Ahmed, executive vice president of retail banking at Cornerstone Bank in Worcester. e pandemic forced even those technologically averse to adopt digital-based solu- tions faster than they necessarily would have. To adapt to the rapidly changing times, Natick- based Middlesex Savings Bank leaned into its drive-up network, said Bryan Chris- tensen, executive vice president and chief community banking officer. When its lobbies closed, Middlesex Savings quickly pivoted by expanding the services available through drive-up windows, offering everything from opening a business account to wire transfers to new debit cards. at switch in reliance was fairly short lived, though. Once branches began to open up again, Middlesex Savings quickly began to see people back in-person. While banking foot traffic has been steadily de- creasing over the years, Middlesex Sav- ings is back to where it would have been in that trajectory had there not been a pandemic, said Christensen. Customers are frequenting branches less oen, but patrons spend more time during those visits, tipping the scale closer to balance. COVID was not a main catalyst for the nation's overall decrease in branches. As the spurs of society continue to quicken, people's time is consolidated with the needs of work and family. us, peoples' ability to access a branch is be- Central Mass. banks are standing behind the power of in-person banking in an increasingly digital age Nicole Almeida, senior vice president, chief of staff at the Massachusetts Bankers Association Altaf Ahmed, executive vice president of retail banking at Cornerstone Bank CEO Michael Welch (right, sitting with Relationship Branch Manager Yessica Rivas) aims to bring an old-school feel to UniBank, remiscient of a time when cus- tomers knew the leaders of their banks. PHOTO | EDD COTE

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