decades, banking was a mundane, routine task. You
visited a local branch to open or close accounts,
deposit, withdraw and transfer funds. If you wanted to
apply for a mortgage or loan, you made a personal
appointment with a banker.
you rely on your smartphone and online banking to
complete most of your transactions. Technological
advancements have made online banking and mobile banking
fast, flexible and convenient.
is a notoriously slow-moving industry, even in the
technology age, so there likely won’t be a radical
shift in the products and services offered in the next
10 years," said Mike Catania, an engineer,
mobile-payment app developer and founder of
it’s difficult to predict the rate of change in
banking practices, here are three banking services that
might become obsolete within the next decade.
BRANCHES AND BANK TELLERS
decrease in physical bank branches over the next decade
is plausible given the recent frenzied introduction of
new technology to financial transactions and the
changing customer demographics. Local bank branches are
staffed by bank tellers who, although they are the
consumer-friendly public faces of the financial
institutions, could quickly be on their way out as well.
role of tellers has markedly decreased over the past 15
years and the next 10 years will eliminate most of the
jobs in the form of more advanced ATMs," Catania
said. The number of teller jobs is expected to decline,
according to the Bureau of Labor Statistics.
Specifically, the 10-year outlook from 2014 to 2024 is
that employment of tellers will decline by 8 percent.
digital transformation of society is driving a
significant change to enterprises of all types —
including banks — to ensure that they adapt to the
evolving preferences of their current and future
users," said Ricardo Villadiego, CEO of Easy
Solutions, a company that provides fraud prevention and
detection solutions to financial institutions. "As
millennial and future generations become the majority of
the user base of a bank, this transformation will be
accelerated in the institution to keep pace with the
preferences of the new majority … (who) like to get
things done rapidly and efficiently and don’t
necessarily value the personal touch of previous
can be annoying to remember different alphanumeric
passwords and PINs for all your online bank accounts,
plus you’re required to change them regularly.
However, pesky passwords and PINs are rapidly becoming
features of banking past.
big banks, such as Bank of America, Chase, Wells Fargo
and Citibank enable customers to access their accounts
via various biometric methods including fingerprints,
eye scans, voice recognition and facial contour
recognition, according to The New York Times. Financial
institutions believe these new verification methods
offer increased security over passwords that can be
hacked. So, in favor of these more secure methods,
passwords and PINs could phase out completely in the
next 10 years.
AND PAPER STATEMENTS
decades, people paid their bills with paper checks,
whether in person at the grocery store or by mail to the
electric company. Commercial banks mailed monthly paper
statements to customers with checking accounts, as well,
before gradually offering customers the option to obtain
account information via phone.
next step in the financial services evolution was online
banking and, more recently, mobile banking. You can now
view all of your banking statements, and current account
balances, online or from your phone no matter where you
you can still get paper checking account statements,
many banks such as Citibank and Bank of America will
provide them only if you pay a fee, which might be $5
per statement. In addition, your paper statement
previously included the physical checks that you wrote
during the monthly period. Now, even if you receive
statements in the mail, most banks do not send the
canceled checks. You can get copies from your bank, but
they might charge a fee. So, it’s inevitable that
banks will phase out the use of all paper items
altogether before long.