California is home to many chase bank branches, which is the largest bank in the United States by number of locations, followed by Wells Fargo. This number does not necessarily paint the entire financial landscape of the current situation. For example, many mobile applications and online banking avenues have given consumers less of a reason to visit brick-and-mortar banking locations in the United States.
Many reasons are behind the bank's popularity in each state, including how much it has been focused on branches, and where the expansion opportunities lie. California has some of the most populous cities, and is known as the technical hub of America, and possibly even the world. This means that there is a natural inclination to use mobile services, which would understandably lower the number of physical locations. Although this is true, customers are looking to be on the network of the largest banks because it appeals to more of the population. This is why California is the prime location for Chase bank. Chase currently has future plans to add existing locations to North Carolina, Missouri, and Tennessee.
The most popular bank in Colorado is Wells Fargo. It is the primary contender to Chase, making it the runner-up in terms of size and brick/mortar locations. Wells Fargo is known throughout the US as having the most accessible network of branches and mobile applications, as well as deal flow-through. This means that both private and corporate wealth accounts are easy to create and transfer. Usually, many citizens do not necessarily research the difference between banks, often choosing them for convenience or recommendation. One of the highest causes of migration from branches is experiencing inept or rude customer service solutions.
Colorado is one of the most popular places where Wells Fargo branches reside, which is peculiar due to the flagship store being opened in San Francisco. In recent years, Wells Fargo has added more branches to their expansion than Chase bank, making them a very possible contender for the primary position. Colorado's unique position also makes it open for mergers and acquisitions. Large banks do not necessarily increase their earning potential by building more branches, but by also acquiring existing financial networks within the landscape. This makes banks such as Wells Fargo an attractive option for those looking to exit from their current marketplace.
North Carolina has seen a recent boom in its financial economy in recent years. Many investors are enjoying the potential returns of cities such as Raliegh. The increase in social media personalities and tourist attractions has brought a new understanding to the area - making it a prime area for expansion. Although the most common bank in North Carolina is Truist Bank, many of the larger financial institutions are planning further expansion in both Carolinas. For example, Chase and Wells Fargo have both opened branches in recent years to further service local citizens.
With only just over 2000 locations, Truist bank has a lot to prove in order to resist those with larger market share.