Where Have I Been: More Consumers Shifting To Online Only Banks
Just ran across an interesting article on MSNBC that talks about how more people are shifting to online only banks. The article has the standard 7 questions to ask.
I've long thought that the bank branch is the place time forgot; possible I've written on this before. But seriously, today's bank branches still look like the ones I remember from when I was a kid in the late 60s. The only thing that really has changed is that nobody has a passbook anymore. Each teller has their own way of organizing things. Everyone in front of you in line has transactions that take way longer than yours will take.
And yet they keep building more bank branches - Key Bank just opened a branch at the corner of Maple and Orchard Lake in West Bloomfield, MI (right by where I live). So there must be some success in having more bank branches.
I understand the shift people are making to online banks. When was the last time you used a travel agent? That industry has been mostly destroyed by the Internet. And yet bank branches persist.
Anybody know why? I don't.
Joel M. Ungar, CPA is a lifelong resident of the Detroit area and a graduate of The University of Michigan. He is a principal with Silberstein Ungar, PLLC, a Top 15 auditor of SEC public reporting companies. Joel writes observations on different matters and especially on working with and using LinkedIn. He thinks he has a sense of humor.