The New Face of Consumer Banking?
by Steve Topper
Today, the face of consumer banking remains a landscape dotted with a variety of brick and mortar banks and credit unions – each with its unique name and logo. Remote ATMs reinforce this physical image.
I doubt any of us has ever attempted to count the number of these buildings we pass on a daily basis as we drive to our various destinations. We’d probably be shocked at the number – it’s undoubtedly much higher than we would guess.
Even consumers who’ve made the transition to online-only banking are constantly reminded of the face of banking as a result of both the number of unique brands and branch networks.
This is about to change.
At some point in the near future, the face of banking will measure roughly 2 ½ x 4 ½ inches.
As we drive around town, empty buildings will remind us of banking’s past.
What brought about this change?
I believe it began when the first plastic, bank credit card was issued during the last century.
Evolving card technology soon brought us the ATM which freed us from going inside these brick and mortar branches.
But it was the rapid spread of the Internet that accelerated this transition.
Soon, every bank and credit union had an interactive website providing customers with the option of online banking. Now, there were even fewer reasons to go inside a physical brick and mortar bank branch.