On the 25th of October 2016, delegates joined TSWG, Telstra’s Rocky Scopelliti and a range of industry commentators and participants to explore the branchless banking trend.
With millennials abandoning traditional banking in droves the bank branch is doomed to obsolescence, probably as soon as 2020. The only branch that will have any relevance to millennials will be attached to a tree. Bank branches will be like the rotary dial telephone on the wall – a museum piece with no relevance to the younger generation.
Digital disruption has killed bookstores, video stores; the taxi industry is being smashed by Uber and Hotels are under the pump.
The next industry to suffer will be Banking, with Fintech’s crawling all over your prospective clients and the big banks investing heavily in their journey to digital, the use of branches as a preferred or even viable way to conduct banking business is on the wane.