Do you think commercial banks will eventually close down physical locations and eventually all banking will be digitally managed? What do you think the future of banking and finance looks like?
Definitely high automation, however to what percentage is debatable. They may not close down all locations as some people may still need to bank the old fashioned way
Commercial banks will definitely disappear within the next 10 years. Fund Placement Service (FPS) as well will gradually disappear I assume. What are others thoughts?
We don’t have branches. Are we the future? Not sure
The number of branches will decrease in the future for sure. But they won't all disappear. From time to time it is good and a better customer experience to visit your branch and talk to your adviser.
In my opinion legacy banks will not disappear they will adapt to become more digital. But the big tech companies the apples amazons googles ubers are not used and don’t know how to deal with strong regulations. The most likely scenario is partnerships between tier 1 banks and the big tech players to make the user experience better
I havent made a visit to a physical location for a long time. Without making a visit, I opened a savings account, financed a car, and paid my bills. I assume commercial banks would want to go digital to cut opex, but on the other hand, there are people that still prefers to go to the bank. As more millennials enter the workforce, less interaction with bank tellers for sure.