With {increasing|enhancing|boosting|raising} {adoption|fostering} of internet-banking {and|as well as|and also} mobile-banking, {an extensive|a comprehensive|a substantial|a considerable} network of branches is {no longer|not|no more} {necessary|required|needed|essential} for {banks|financial institutions}. Are {bank|financial institution} branches {headed for|movinged towards|went to} {extinction|termination}?

1. Steven L. Rhyner
Internet and Mobile Banking Kills ATMs, Opens the Floodgates to
Cryptocurrencies
teamsteverhyner.com/internet-and-mobile-banking-kills-atms-opens-the-floodgates-to-cryptocurrencies/
With increasing adoption of internet-banking and mobile-banking, an extensive network of branches is no longer
necessary for banks. Are bank branches headed for extinction?
Changing Face of Banking
Change is inevitable. Before the invention of ATMs, the teller was an important person at the bank. Now verifying
your account balance, counting your money and handing it to you is done by machines.
Machines do this more quickly, more accurately and at a lower cost compared to your tellers. A similar paradigm shift
seems to be happening within bank branches. Increased adoption of internet-banking and mobile-banking have
reduced the competitive advantage that an extensive network of branches can provide.
1/3

2. The South Korean Example
Banks are risk averse and typically slower than firms in other sectors when implementing new technology.
However, nothing can stop the march of technology, resulting in changes to how firms across the world, including
banks, conduct business.
According to Techcrunch, more than 55% of South Koreans use mobile banking. This has resulted in banks shutting
down branches and ATMs.
Global Trend toward Fewer Branches
The trend towards lower numbers of bank branches is global. According to Reuters, the number of branches
operated by major UK banks has halved in the last 20 years.
UK banks, including HSBC, RBS and Barclays plan to shut down another 400 branches this year. Deutsche Bank
plans to shut down 200 branches, while investing in mobile and online services.
Internet-Only Banks
Changing customer usage pattern has resulted in the opening of internet-only or “direct” banks.
Banks such as Ally Bank and Discover Bank offer better services including high interest and low fees, by keeping
overheads low.
While this was considered a niche segment a decade ago, the increasing number of sign ups to internet-only banks
indicate that the bank branch and teller are dispensable.
Bitcoin – Be Your Own
Bank
Bitcoin could take over the
traditional role of an online payment
bank – your wallet can be considered an online account which can be used to make payments.
While banks pay interest on your deposits, inflation can often result in the real return on your money being negative.
With Bitcoin, this is not the case as it is a deflationary currency.
A changing consumer mindset has resulted in increasing openness to the use of internet/mobiles to transfer value.
This could help ease the way for increased adoption of cryptocurrencies, including Bitcoin.
Re-posted from www.cointelegraph.com by Jacob J June 8, 2016
I won’t be sorry to see those exorbitant ATM fees disappear that’s for sure. Why not consider Bitcoin.
Transferring money is simple and extremely cost effective. What’s more, with central banks around the
world printing money like it’s nobody’s business, a currency collapse is possible if not imminent. Protect
2/3

3. your net worth with hard assets like gold and silver. Purchase those with Bitcoin mining proceeds. It’s
easy and affordable. Click here for more information.
Share this post and help spread the love!
Thank you for reading my posts! If you would like to connect, reach out to me on
Facebook.
3/3