Shutting Down Bank Branches = High Profits

41818583 - old bank sign engraved in stone or concrete above the door of financial building concept for finance and business

By Magilla Loans, Special for  USDR

Chris Meyer, the Co-Founder of Magilla Loans, (, believes the rapid growth, convenience, and worldwide adoption of FinTech has forced several big banks to accelerate the closing of branches. Branch closures have been an unavoidable trend in the US and the UK for the past few years, and many more branches are slated to close in 2017. CNN recently reported that Wells Fargo plans to shut more than 400 bank branches by 2018. It has also been reported that this is a direct result of the shift to self-service digital channels such as online, mobile, ATM machines, and the vast variety of FinTech products offered directly to consumers online. Eventually, digital distribution will be the main channel of interaction between consumers and the bank in the  future.

“Wells Fargo announced plans on Friday to shut down more than 400 bank branches by the end of 2018. That’s on top of the 84 locations it pulled the plug on in 2016.” –  CNN

Meyer predicts that the branch closures will make bank profits soar, because they too will benefit from the digital distribution. Inevitably, the branch closures will change the traditional relationship a bank has with a consumer. The consumer looking for a loan, service, or product will be connected to the bank through a digital channel. The benefit, a majority of the consumers will be pre-qualified and ready to make a purchase or apply for a loan. Meyer says, “the adoption of digital distribution has been a big part of why Magilla has been so successful, so quickly. We have been able to bring well-qualified borrowers directly to the banks and remove the barriers of traditional  banking.”

Magilla’s Key Features  Include:

  • Fast: Loan proposals are typically delivered within a few hours
  • Anonymous: No name, phone number, or SSN required
  • Free: Borrowers never pay any fees
  • Safe: No credit check or bank statements required
  • Simple: After answering a handful of questions, borrowers receive multiple loan proposals
  • Authentic: Receive real loan proposals from FDIC-insured lenders, not automated lenders
  • Time-savings: The quick loan submission process saves time

About  Magilla

Magilla Loans is a first-of-its-kind loan matching service that connects borrowers with banks without requesting personal information. The service is easy and free, and Magilla is committed to keeping the process anonymous by never requesting personal information. No name, phone number, or SSN is ever required. After answering a handful of questions, a borrower can receive multiple loan proposals from FDIC-insured banks within a few hours. The loan proposals are presented on our patented MagChart™ — which enables borrowers to easily compare the terms and select the lender they want to work  with.

SOURCE Magilla  Loans

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.