The traditional retail banking model based on the transaction/branch-based banking model is dying, and in future retail banking will be fully automated.
That’s the view of 203 senior retail banking executives across the globe who were surveyed by The Economist’s Economic Intelligence Unit (EIU) for a report called “In Tech We Trust”.
One standout finding is that bankers are far more concerned about the threat of digital disruption posed by the new generation of fintechs than they are about more traditional worries such as the tighter regulations which followed on as a consequence of the GFC in the last decade.