Will FinTech Replace Bank Branches?
By Ruder Ware Alumni
November 2, 2016
The automated teller machine revolutionized banking by allowing a depositor to withdrawal money anytime, anyplace without the need of a single bank employee. FinTech and the increased depositor adoption of banking mobile apps may do the same thing to entire bank branches.
A recent survey by the American Bankers Association (ABA) has found that more than half of all Americans manage their bank accounts at least once a month from their mobile device and only one in seven people use branch offices as their primary method of banking. Not only are Americans using banking apps to manage their accounts, deposit checks, and pay bills, nearly 75% of respondents to the ABA survey said they were highly satisfied with their bank’s app.
These stats raise two questions:
- What percentage of your customers who come into your branch would rate their experience as highly satisfying?
- Does your financial institution have an app?
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