Nearly two-thirds of bankers believe the branch-based banking model will be “dead” within five years, according to a new study.
The pessimism on branches and the style of banking that comes with them stems from a study earlier this year by The Economist Intelligence Unit, on behalf of banking software provider Temenos, that surveyed 305 banking executives about the future of the industry. And 65% said branch banking would be dead in five years, up from 59% last year and 35% in 2018, according to the study.
The evolution away from branch banking would involve new technology, according to the study, with 65% of banking executives believing that new technologies such as cloud and AI will have the biggest impacts on the industry in the next four years, and 81% believe that unlocking value from artificial intelligence will help differentiate winning and losing banks.
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