Online Banking Grows on Mobile Devices/The Internet and ATMs Replace Branches and Tellers

Banks have learned that combining the convenience of online banking with a chain of branch locations and ATMs allows them to fill the entire range of many customers' needs. This is similar to the trend among major retailers of combining ecommerce and physical storefronts, thereby creating synergies between bricks and clicks. Virtually all banks now have web sites where customers can monitor the status of their accounts, including checking, savings, investments and loans; make money-transfers to pay bills; and apply for services online. Online banking has been an enormous success, and was boosted even further by the Coronavirus pandemic, as people curtailed trips to physical bank offices.

Thousands of U.S. branch locations have closed in recent years. Online banking, in combination with ATMs, goes a long way to fill the gap left by fewer brick and mortar bank locations. The end result is greater operating efficiency for banks. Nonetheless, providing online banking poses operational costs and challenges, including security and hacking issues.

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Online Banking Grows on Mobile Devices/The Internet and ATMs Replace Branches and Tellers, Business and Industry Trends Analysis

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