Financial Tech Trends: Go Branchless

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Financial Tech Trends: Go Branchless

A new financial institution was recently founded in the UK, but instead of brick and mortar, it’s built inside of data streams and circuitry. Atom Bank is the first “digital-only” bank to be housed entirely inside an app. The app will be protected by vocal and facial recognition, customer service can be contacted through phone, email, or social media, and physical deposits and withdrawals will take place in ATMs. Of course, this doesn’t mean it’s time to get the wrecking ball out, as branches act as a psychological anchor point for many consumers. There’s no denying the hefty merit of face-to-face interaction, as a smiling, helpful teller can make all the difference in the world. If anything, this development acts as a prescient signpost sitting at the nexus of time, with “digital” tentatively scrawled in the direction of the future. In a study that included both Millennials and Boomers, 74% said they can imagine banking 100% digitally in the future. Evolution is a slow process, but it has to start somewhere.  

Check out the other posts in our series below!

Part 1: Selfie Pay and Part 3: Take Stock in Millennials

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