Virtual Branch

A virtual branch is a financial institution where employees can provide branch services to customers remotely at any given time. Services can include virtual account on-boarding, loan and mortgage applications, deposits, virtual customer service, and mobile banking. Virtual branches were developed when statistics and data showed that the majority of banking customers visit a brick and mortar financial branch once a month maximum and conduct other financial business digitally online.

Virtual branches are primarily used for self-service banking for customers and allow banks to scale services to more customers that may not have been reached from traditional brick and mortar locations. By using existing available employees to monitor the online services while providing the same customer service for account holders, virtual branches have an ability to expand without the high overhead costs of opening a brick and mortar location.