1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
Business or Entrepreneurial questions? BizWarriors is completely FREE - paid for by advertisers and donations. Click here to join today! You can now use your Facebook or Twitter account to regsiter or login. If you're new to the BizWarriors Forum, we highly recommend that you visit our Guide for New Members.

End of banking halls?

Discussion in 'Planning Your Business' started by remnant, Feb 17, 2016.

Share This Page

  1. remnant

    remnant Member

    With the advent of ATMs, smartcards, electronic money transfer and even bitcoins, I foresee the good old banking halls downgraded from imposing edifices to small corporate outposts or disappearing altogether. What's your take?
  2. djentre

    djentre Member

    I had hoped so too and that is sort of where we should be heading. But, I can tell you that people still trust brick and mortar banks more when it comes to handling a lot of their information. I myself use both online banks and regular banks, and I just prefer online banking. But, sometimes, you do need to talk to someone to get your point across. Recently, when I was running around asking for money, the bankers who were most forthcoming were the ones where I knew people and had a good repo with them. And this is going to continue to exist.

    The larger banks have reinvented themselves. This old bank that I've used for well over a decade suddenly and without me asking for one, assigned a "personal" banking representative, and another guy to "advise" me on equity. And I am not a high networth individual! The reason why the larger banks can do this is because they have a large workforce whom they can simply re-assign from being call center employees to being "personal representatives" without spending a penny more. And the customer will feel spoiled and hopefully not switch banks. I know I won't switch now - I have a personal banking representative :p

Share This Page