The data indicates a 6.5% decrease in bank branches since 2012: this trend would cause the total number of physical banks nationwide to fall to less than 16, 000 for 2021
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A new study has reinforced the view that traditional banks are in decline, as advances in technology and internet access causes bank branches to no longer be used as before .
The study, entitled “The Death of Banks”, analyzes current trends and factors surrounding the decline of banks, a topic that has attracted increasing attention in recent years.
Key data indicated include a 6.5% decrease in bank branches since 2012 : this trend would cause the total number of physical banks nationwide to fall to less than , 000 for 2030 and all branches will close for .
The study was carried out zado by N 80, a neobank German based in Berlin, and Eric Taylor, UX Research Director at Varo Bank, a neobank for mobile devices.
Neobank is the term for an online or internet-only bank . While the study can be seen as self-promotion, the trend has attracted the attention of traditional institutions.
A report from the Federal Reserve published in found similar trends to the Varo / N report 26. Three of the five largest banks in the country closed branches at a rate greater than 7% during the period between 2014 and 2018 reported Smart Asset.
The Varo / N report 26 found that the 86. 9% of US banking consumers use online services , in addition, millennials prefer digital services.
The greatest access and the easiest payment services. offered by online banks were cited as the top reasons why consumers turn to online banking. Consumers believe that .
However, the most significant factor that can sustain the closure of bank branches is the widespread emergence of cryptocurrency . Easier access and confidence in cryptocurrencies will force banks to adapt and include them, or face new closures.
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