Here's why customers won't set foot in banks in the future:
Many people today are avoiding public places due to Coronavirus and it begs the question of allowing employees and customers to do everything they would do in-person, virtually. It used to be that any kind of money-related task, from depositing a check to getting cash or transferring between accounts, had to be done in person at a retail bank branch.
Recent years have seen the rise of new banks challenging traditional stalwarts. One of the biggest differences between new banks like Monzo, Ally and Chime is that they are completely digital with no branches. These types of banks are appealing, particularly to younger consumers, because they can pass on their savings from not having physical spaces to customers. Even big bank Wells Fargo recently launched its own digital bank, Greenhouse.
These digitally focused banks show that physical branches are no longer a necessity in banking. As an added benefit, digital-only banks tend to be more integrated into everyday activities, including integrating the account directly with Uber, chatbots and instant fraud or low balance alerts. One of the last remaining tasks that requires a branch or ATM is getting cash, but many consumers are moving away from cash altogether.
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