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End of banking halls?

Discussion in 'Research and Ideas' started by remnant, Feb 17, 2016.

  1. remnant

    remnant Entrepreneur

    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 Entrepreneur

    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

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