Banks Turning from Bricks to Bytes

Convenient banking used to mean having a branch near your home or work that was open during times you could get there. Now it means not having to go to a branch at all.

Mobile banking lets people participate in the financial system without having to visit a physical branch. All it requires is a mobile phone. That’s why it’s helping to “bank the unbanked,” or bring financial services and accounts to people who haven’t had them before.

So, we probably should have seen this coming: with the rise of mobile financial services, banks are closing branches by the hundreds.

Read more at SAP Banking View

Banks Turning from Bricks to Bytes

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