Securities brokers are consolidating or pruning their branches catering to retail customers as the coronavirus pandemic has prompted them to move services online. Brokers say customer acquisition in the pandemic is mostly online. "The pandemic will lead to further consolidation of branches, wherein brokers will shift from a pure brick-and-mortar model to a hybrid model, consisting of digital and phygital engagements.
This will bring in greater operating efficiencies. The number of touch points, however, will increase as more and more customers sign up for new accounts," said ...
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