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Survey: banks will disappear, the future without physical branches

2 min read

A recent report published by Temenos reveals that the future of banks will not be in physical branches. In fact, 65% of bank executives surveyed believe bank branches will be dead within five years. Four years ago, this percentage was 35%.

The future of banks without physical branches

Research highlights that COVID-19 branch closures, new technologies, and increased competition from fintech businesses and technology giants have accelerated the industry’s digital transformation and shifted bank priorities and business models.

Temenos is a banking software development company that continues to expand its leadership in AI and the cloud andserves more than 3,000 banks worldwide, including established companies. Her survey included 305 senior bank managers.

The survey also revealed that 80% believe that banks will try to differentiate based on customer feedback. 47% expect their businesses to be involved in the development of real ecosystems in the next two years.

In addition, two thirds of banks consider new technologies to be the main driver of change in the next four years, compared to 42% three years ago.

In particular, the cloud, artificial intelligence and API are new technologies that are likely to have the greatest impact on the industry in the coming years. The report also reveals that banks are focusing their technology investments on cyber security, artificial intelligence, cloud computing and accelerating their digital transformation projects.

As many as 81% of respondents believe that the difference between the success of competing banks is based on the value they produce through artificial intelligence. To this end, many banks are already focusing on strategic partnerships and technology investments to become “providers of a consumer-friendly banking experience”.

Microfinance for entrepreneurs in particular was among the most promising business opportunities related to inclusion (34%). Aalishaan Zaidi, Director of Digital Banking for Standard Chartered, said:

“The big step for us is that we can change quickly if we really want to. We would never have entered into the partnerships we are concluding now before a pandemic. “

Temenos Strategic Director Kanika Hope added:

“Open banking and increased competition from large technology companies and new entrants are causing banks to rethink their business models. Many are now working to develop digital ecosystems that will bring their customers a more differentiated experience using the cloud, SaaS and AI. This report shows that bankers now understand that technology will enable these new business models and are essential to differentiating them from the competition. ”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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