Banks Go Bye Bye?

Note from the Publisher:  Sensationalist attention-grabbing headline aside, while banks are not going to vanish from the face of the earth this year, the way people interact with banks – and make payments – is going to continue to evolve.  Giants like Amazon, Apple & Google are the apps that people engage most with on their smartphones, and banking apps are not, meaning the payments industry is going to continue to evolve as the big boys influence the future payments and bankng landscape.  Branch banking will also continue to evolve. 

“Fintech people tend to think — and opine — about the future a lot. The start of a new year is as appropriate a time as any for their prognosticating.

Several declarations about what’s in store for 2017 have already been put forth here. (And here. And here.) But with the emergence of Jetsons-esque technologies like chatbots, digital assistants and the internet of things, the only certainty is that the industry is going to change in the coming years. So a few more informed predictions for the 12 months ahead can only help bankers to game out likely scenarios.  Without further ado…

Banks in the Background – Whether it’s through IoT devices, fintech platforms, virtual assistants or chatbots, people will likely spend more time connecting to their money through such channels and less time directly interacting with their banks.

“We are going to continue to see financial services disappear into day-to-day life. This is a multiyear trend, but banking is going to become more seamless,” said Aaron Schwartz, head of fintech research at PwC…..”

Read Full Article at American Banker