This weeks blog is part one of a two part series on the future of banking. This week’s blog talks about bank branches, while next week’s blog will talk about how public entities will bank in the future.
The bank branches of the future will look like this:
1.) Their physical locations will be strategically located in highly populated areas.
2.) Self-serving kiosks, with large flat screens, will replace teller windows and accept cash (to a certain level) and checks and offer instructions on how to make loan payments directly. Voice commands will be available in addition to touch-screen commands. These kiosks will also allow users to have direct contact with a virtual banking representative for all banking-related questions.
3.) On-hand bankers will be present to help with personal and small business lending or private wealth questions.
4.) Some bank branches will be available to service retail clients exclusively. Overall, bank branches will be reduced by 75% over the next 10 years. Most branches in smaller cities, towns, and rural areas will be community banks.
We Hope to See You at Some of our Upcoming Presentations:
Upstate NY College Collaboration Presentation: June 27
NYS County Treasurers’ and Finance Officers’ Association – July 20
GFOA of SC – October 16 – 19
Have any questions or comments for the author? Reach out below!