There are regular discussions at the Financial Services Club, conferences and meetings about the cashless, branchless future. Visa and MasterCard are huge advocates of a war on cash, as are mobile wallet providers. The Bank 2.0 crowd talks lots about a branchless world of banking and how branches are all irrelevant to future bank operations. Let’s be clear, it will not happen.
There is no such thing as a branchless world, and a cashless future will not happen in my lifetime, as much as I would love to see it. Don’t get me wrong, I’m a huge advocate of getting rid of bricks, mortar and paper, but the reason it will never happen is that these forms of commerce and finance are important. Branches are required for advice, sales and service but, more importantly, trust.
