Sage-Tips

Are banks going to be obsolete?

Report finds branch-based banking may become obsolete within five years. A report published by Temenos has found that 65\% of global banking executives believe branch-based banking will be ‘dead’ within a five-year period.

Are physical banks dying?

Key Insights & Stats: Bank branch numbers in the US have fallen by 6.5\% since 2012. Based on current trends the number of physical banks could fall to fewer than 16,000 by 2030, a number not seen since 1965. Since 2000, 13,907 more banks branches exist, however, since 2013 the US has lost 5,413 banks.

Will physical cash become obsolete?

Although paper-based currencies are becoming less popular, they will likely stick around for the foreseeable future. Dollars and cents may become harder to use, but as with many obsolete technologies, there are enough users to ensure demand doesn’t disappear completely.

Are brick and mortar banks dying?

Today’s bank branch in its current form is a dying breed. In a 2018 Fiserv survey, 52\% of bank customers visited a brick-and-mortar branch within the past month and 80\% in the past six months. If you imagine these results are skewered by older consumers, think again.

Does banking have a future?

The future of banking will be driven by major technological changes and will transform drastically. The future of banking is ‘Digital’. The COVID-19 pandemic has re-designed our lives in terms of how we shop, work, even how we bank, and this has led to a major change in customer behaviour.

Is commercial banking dying?

Nearly two-thirds of bankers believe the branch-based banking model will be “dead” within five years, according to a new study. And 65\% said branch banking would be dead in five years, up from 59\% last year and 35\% in 2018, according to the study. …

Which banking services will become obsolete in the next decade?

Although it’s difficult to predict the rate of change in banking practices, here are six banking services that might become obsolete within the next decade. 1. Bank Branches and Bank Tellers

What will happen to bank branches in the next 10 years?

1. Bank Branches and Bank Tellers A decrease in physical bank branches over the next decade is plausible given the recent frenzied introduction of new technology to financial transactions and the changing customer demographics.

What will the future of banking look like?

“As millennial and future generations become the majority of the user base of a bank, this transformation will be accelerated in the institution to keep pace with the preferences of the new majority … [who] like to get things done rapidly and efficiently and don’t necessarily value the personal touch of previous generations.” 2. Passwords and PINs

Are tellers on their way out of the banking industry?

Local bank branches are staffed by bank tellers who, although they are the consumer-friendly public faces of the financial institutions, could quickly be on their way out as well. “The role of tellers has markedly decreased over the past 15 years and the next 10 years will eliminate most of the jobs in the form of more advanced ATMs,” Catania said.