The days of going to a bank are coming to an end.
In the past 10 years, 15,000 bank branches have shut their doors for good. And foot traffic to banks has fallen by 50%. Bank branches are shutting down left and right for a simple reason… They’re useless!
These days, you can deposit a check by taking a photo with your phone. You can open a bank account or order a new credit card in five minutes over the internet. You can even take out a mortgage without ever seeing a human banker, thanks to disruptive services like Quicken Loans.
And it’s not just banks. Digital disruption is eating away at every “old” business model in finance. Everyone from stockbrokers to financial planners is under assault.