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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why I tripled my investment in the stock market this week - Business Insider'Adding more money to my investment and retirement funds fit my long-term plan and worked best for me.'
Read more »
Why the homeless, 'surviving the best way they can,' are vulnerable to coronavirusLacking access to basic sanitation and with many already beset with health problems, officials fear coronavirus could take a toll among the homeless.
Read more »
Why Even A Huge Medical Stockpile Will Be of Limited Use Against COVID-19The U. S. has an $8 billion stockpile of emergency medical supplies that is the envy of the world. But the vast collection will be of only limited use in the fight against the new coronavirus.
Read more »
Rihanna Just Created A Fenty Beauty TikTok House — Because Why Not?.Rihanna’s FentyBeauty has launched its own TikTok house, and of course it’s 𝐹𝒜𝐵𝒰𝐿𝒪𝒰𝒮
Read more »
Why slowing the spread of coronavirus is critical to public health'If we do nothing without interventions, the number of cases is going to double every six days ... we would overcome the supply of hospital beds in the United States needed by about mid-May.' — Fmr. Sec. of Veteran Affairs Dr. David Shulkin
Read more »