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The days of big banks are done. Million dollar buildings that double as empty fortresses will soon be empty, or conveniently turned into FEMA holding centers when the collapse hits.

The tide is turning and the banks know it. Mass layoffs have been announced by almost every major institution in the world and this is just the beginning. Unfortunately small town America will be hit the hardest as some of these jobs are the highest paying in the household. Also taking a major hit will be Charlotte, NC, the banking center of the US, where Wells Fargo has over 22,000 employees, Bank Of America 15,000 and most major banks have a presence. Be on the lookout for some great real estate deals in Charlotte soon.

Bank have many problems. They have over expanded at a rate that doesn’t support demand, consumers don’t trust them, the average american has no savings, there has been a drastic shift to online banking, and probably the most important, they lack innovation. But don’t worry, Capital One is here to change the game with their roll-out of 360 internet cafes according to a recent article in Boston.com:

They will serve up coffee and other amenities. If they are anything like cafes in other cities, they will include free wireless Internet access, flat-screen televisions, and comfy furniture for hanging out.

“It’s a departure from the traditional banking experience that people have come to know,” said spokeswoman Amanda Landers.

Capital One’s cafes, already operating in eight cities, don’t have tellers to handle deposits and withdrawals, bankers to handle loans, or safe-deposit boxes to store valuables. They’re designed to introduce consumers to its online bank.

Instead of handling cash, employees at the existing cafes serve up espresso, sandwiches, and advice, helping customers set up online accounts and learn about the bank’s services. If customers want to make a deposit, Capital One employees hand them pre-addressed, stamped envelopes to mail deposits to the bank or help them download smart phone apps to deposit checks electronically.

As more customers bank via the Internet, mobile devices, and ATMs, many banks are reinventing their branches.

Bank of America plans to open at least a dozen so-called flagship branches, including one in Boston, with a “power bar” to plug-in gadgets and a wider assortment of specialists in lending, investing, and private banking.

http://thomasdishaw.com/mass-layoffs-to-hit-banking-industry-as-consumers-ditch-big-box-banking/

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