Resembling retail stores, the tiny bank branches will accommodate a staff of about four and can be setup in small areas, thus helping the bank to reduce operational cost, as reported by The Canadian Press.
BMO CEO William Downe was quoted by the news agency as saying that many of its customers now do 99% of their transactions online using mobile devices.
"But when they want to sit down and talk to someone, they want to do it in a convenient location," Downe added.
The bank will launch its ‘studio’ branch next week in a Montreal condo building and anticipates opening 10 to 15 of these micro branches across Canada and in the US.
The small branches will offer ‘face-to-face’ information to customers, as well as provide other banking services, including mortgages service, financial planning suitable for retirement and information pertaining to savings for their children’s education.
Besides BMO, Royal Bank of Canada has already launched similar mini branches, while TD Canada Trust has hired mortgage specialists to meet customers in their homes beyond normal banking hours.
