While the banking industry might have been slower than other industries to adapt to technologies like the web and smart devices, it is quickly catching up. As financial services become more tech enabled and consumers have fewer reasons to visit a branch, we can’t help but wonder about the future of retail banking.
In the past, almost every transaction occurred inside the bank branch. Employers printed paychecks and their employees walked them into the branch to make a deposit. If they needed cash, or had to pay a bill, consumers wrote a check. If you needed a loan, you went to the bank. If you wanted to protect your valuables, you kept them at the bank.
Today, nearly every facet of consumer banking is digital. Paychecks are directly deposited, personal checks can be deposited from a mobile device and bills can be paid automatically using online banking. Cash is withdrawn from ATMs and credit cards are the most common form of payment at the point-of-purchase.
Fewer consumers have a