This weeks blog is part two of a two part series on the future of banking. This week’s blog talks about how public entities will bank in the future last weeks blog (which you can read here on our website) was about the bank branches of the future.

What will the future of banking mean for public entities and higher-ed institutions that currently handle large cash and check transactions? When the new technology fully comes on stream, your finance office will effectively become an internal bank branch, with all banking transactions—including cash—going though your own finance office.


Larger banks and third-party technology companies (FinTech firms) will expand direct technology to handle all banking needs. A good example already underway is the use of remote scanners. The ability to scan checks and make direct deposits are just the “tip of the iceberg.” ATM-style technology will be placed in your finance office to accept and count cash with immediate deposits to your bank account(s). Weekly carrier services will be established to pick up and service such machines, much like the old lockbox service that was once commonplace.

In addition, most payment transactions will be moved to cyberspace with checking becoming primarily obsolete within the next 10 years. By 2025, credit card and near-field technology will be the sole source of payment by consumers, led by tech-savvy millennials.

Banking in the Future (Part II)

Banking representatives will be available to handle credit needs as well as institutional treasury services and technology with their physical presence covering broad regional areas.

Given advanced technology and the ability for banks to streamline customer services and better adapt to new banking regulations, the costs of banking will be more direct and reduced from what it is today.

As we have been stating over the last two years, the landscape of banking is changing and will look much different in the years to come. Banking will be more direct, have higher dependency on technology, be easier to use, and be done at a lower cost.

At three+one, we help public entities and higher-ed institutions prepare to embrace and use the expected advances in technology. We are constantly monitoring and evaluating the high-tech marketplace to forecast what enhancements are most likely to become industry standards in the coming years.