Banking in the future

glenn_m

I'd be very interested to hear people's opinions on the future of branch based banking. With internet banking being used to carry out the majority of many people's banking services, will we have the need for branch based banking in the future or will banking be done exclusively online? Many people already rarely have the need to set foot in a branch, unless it's to carry out transactions for "old school" payment methods such as paying in cash or cheques, both of which are arguably becoming less relevant as we (potentially?) move towards a cashless society.
I understand that for elderly people not having a branch to go to would be a nightmare, but this might not be the case for tomorrow's elderly people who will be more accustom to technology.
Anyway, no particular reason for posting this, would just be interested to hear people's thoughts on why we may still have a need for physical banks in the future, or if they'll go the same way as music shops and dating agencies?!

anniecave

Retailers who receive cash will still need ways of getting change and paying in money. Unless cash disappears completely.

No-one has come up with a proper alternative to cheques in some circumstances yet. If they do, it will depend what solution is found.

At the moment banks are used for other things (checking id , opening accounts, taking out new products/services, reviewing existing products, resolving queries ) - these things would all need to be done another way?

MrTomato

Cash will never completely go. And branches will remain, although probably a lot less of them and the inside of branches will be more automated (like many of HSBC branches now).

I think the scope of things of paywave are limited. Businesses dealing in low cost transactions, like buses, small corner shops etc. aren't going to be happy with higher costs, and nor will customers.

heloid

Cash will go.
http://en.wikipedia.org/wiki/Chipknip

natweststaffmember

I do know that RBS Group are effectively downsizing branches and will in all likelihood be using the HSBC branch methods which is more cash machines to pay money into, less administration staff(that means cashiers) and if you want to go into a bank branch, you will probably find longer queues and less cashiers. Branches will have more people selling the banks' own products.

glider3560

natweststaffmember wrote: »

I do know that RBS Group are effectively downsizing branches and will in all likelihood be using the HSBC branch methods which is more cash machines to pay money into, less administration staff(that means cashiers) and if you want to go into a bank branch, you will probably find longer queues and less cashiers. Branches will have more people selling the banks' own products.

I find the HSBC model works wonders with the queue. If anyone has ever been in the HSBC at Bristol's Cabot Circus, they'll know what I mean. The downstairs (only machines with a few staff wondering around) is fairly busy but when you go upstairs to the cashier, there is no queue and you get seen immediately. Compare this to a branch without the machines where you have to wait to see a cashier.

hippey

Cards will replace cash for small transactions but we will be many years from that. Paywave and all the other contactless systems take up will increase, and as for transport - look what oyster has done for cash fares on the buses in London.

MrTomato

hippey wrote: »

Cards will replace cash for small transactions but we will be many years from that. Paywave and all the other contactless systems take up will increase, and as for transport - look what oyster has done for cash fares on the buses in London.

The oyster scheme would be a lot harder to implement in other areas. Public transport in London is a lot different to every other city. All London's buses are organised by TfL who let operators like Metroline actually drive the routes, so that means TfL can use things like Oyster on all services, including the Underground and the DLR etc. as they manage it all.

Other cities often have numerous private sector operators and they probably wouldn't work together off their own backs to make a cardless system, because they'd be paying for it.

lholman

Is it not true that some retailers are introducing this technology (similar to Oyster)? Has anyone seen it or used it? what's the benefit, I quite like the fact that I know what money I've got in my wallet and therefore if I haven't got it I can't spend it.

hippey

I am well aware how TfL runs the network, however cashless systems do have advantages outside the London regulated area. A number of operators are looking at various systems. Many councils are pushing for these systems as they are often subsidising the service, I know an option being explored by one transport operator to process contactless credit card payments for bus fares however I know this is currently sat on the drawing board, due to technical issues

On the other point, I have used contactless for payment a few times now, no issues other than one of my cards sits next to my work access card an causes it to fail!

rb10

MrTomato wrote: »

The oyster scheme would be a lot harder to implement in other areas. Public transport in London is a lot different to every other city. All London's buses are organised by TfL who let operators like Metroline actually drive the routes, so that means TfL can use things like Oyster on all services, including the Underground and the DLR etc. as they manage it all.

Other cities often have numerous private sector operators and they probably wouldn't work together off their own backs to make a cardless system, because they'd be paying for it.

Surely someone like Stagecoach or First would be able to implement a similar system. Ok, it would just be for use on their own buses, but it would still reduce the amount of cash that these companies would have to use significantly.