Bowman Brown Discusses How Consolidation and Technology are Altering the Financial Landscape

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Bowman Brown Discusses How Consolidation and Technology are Altering the Financial LandscapeMiami Today reports that technology and bank acquisitions continue to guide the conversation in the financial world as banks decide on leasing sites.

Bowman Brown, a partner in the Miami office of Shutts & Bowen LLP and a member of the firm’s Financial Services practice group, spoke to the publication about the reasons behind the declining number of bank offices and branches.

“I think there are a number of reasons that the number of primary bank offices and branches have been declining, and perhaps one of the major reasons is that … community banks are consolidating, and as they consolidate, they have branches frequently in duplicative locations – across the street or down the block.”

In addition, Bowman discussed how technology has impacted the banking world as well.

“In my view,” he said, “the other principal factor is that bank customers now, with the very rapid acceleration of the application of technology to the business done by banks, withdrawal of deposits, deposits of checks, online credit applications, customers have become much more comfortable with digital banking, and the need for face-to-face communications with the teller that used to be the case has dramatically declined.”

To read the full article, please click here.

About Bowman Brown

Bowman Brown is a Partner in the Miami office of Shutts & Bowen LLP, where he is a member of the Financial Services Industry practice group. His practice focuses on the financial services industry and insurance regulatory matters. Over the course of his career, Bowman has been at the forefront of the international legal arena. He has helped transform Florida into an international banking and business center through his efforts to make Florida, and South Florida in particular, the leading location for international banks and businesses targeting Latin America and the Caribbean.

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Shutts & Bowen, established in 1910, is a full-service business law firm with approximately 270 lawyers located in eight offices across Florida.

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