As technology advances and consumer habits evolve, banking services are changing, too. From the decline of cash and paper checks to stricter digital security requirements, the industry is moving toward a fully digital experience. In fact, some of the banking services you rely on today may disappear within the next decade.
Here are four banking services likely to vanish by 2036.
Traditional In-Person Banking
Traditional in-person bank branches are poised to undergo significant changes. According to Seth Perlman, global head of product at i2c Inc., the traditional branch banking model, in which customers visit a physical branch to perform routine transactions, like deposits or withdrawals, is quickly being replaced by digital tools.
“The new standalone bank branches that are opened will likely be smaller and stand a greater chance of being co-located in grocery stores or other retail outlets,” Perlman explained.
But he doesn’t believe that physical branches will disappear entirely — they will instead change their operations. Perlman predicted that bank branches will focus on high-value interactions, such as providing financial advice, mortgage planning or business consultation services.
“At i2c, we’re seeing this transformation firsthand,” Perlman said. “Our clients are investing in hybrid branch models that pair digital self-service kiosks with virtual consultations to strike a balance between efficiency and human connection.”
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ATMs and Cash
The use of cash is changing, too, though it’s unlikely to vanish entirely. It is no longer the most-used payment method for transactions of $25 or less, indicating a substantial shift toward cashless payments.
Perlman explained that, while use of cash may be declining, cash is still important as a backup during digital outages or emergencies.
With less cash, there might be fewer ATMs, but Lisa Hrabosky, vice president of bank and network partnerships at Marqeta, predicted that ATMs won’t become entirely obsolete and may exist alongside new payment options.
“I certainly expect that digital payments and digital wallet usage will continue to increase in popularity, and new payment methods and capabilities will continue to evolve, instead of existing methods becoming obsolete,” Hrabosky explained.
Personal Checks
Personal checks may soon be a thing of the past, predicted Perlman, since person-to-person payment apps essentially make checks redundant. Additionally, he said online bill payment and card transactions will continue to increase as customers shift away from paying with checks, which are slow and inconvenient.
“In the next ten years, we will see more and more banks offer accounts that only come with a debit card and no checkbook at all,” Perlman said.
He suggested that business checks might continue longer, particularly in industries that rely on legacy systems or manual processes.
“But as real-time payment systems like FedNow gain traction, businesses are rapidly moving to digital invoicing and money transfer services to save time and cut costs,” Perlman said.
Simple Passwords and Pins
The days of entering a simple password or four-digit PIN to access your online banking account may soon be over, too, as new security technologies emerge. According to Gates Little, CEO and president at altLINE and The Southern Bank Company, fraud in the consumer and commercial banking industries is increasing, so identity verification and account protection may become more advanced to defend against sophisticated fraud schemes.
“Already, we are seeing changes in the name of security, such as two-factor authentication, liveness detection and AI-enabled verification,” he explained. “These new security technologies will likely become supplemental to older security methods, creating multiple layers of protection.”
Perlman explained that behavioral biometric technology is an exciting advancement in banking security.
“This technology analyzes user patterns — such as typing speed, navigation behavior and even how a user holds their device — to authenticate identity in the background,” he explained. “It’s seamless for users and highly effective in preventing fraud, as these patterns are difficult to replicate.”
Perlman predicted that we’re likely to see passwords and PINs become secondary security layers as biometrics are increasingly implemented.
“Many banking apps already use facial recognition or fingerprint scans, and these methods will only become more sophisticated,” he said.
Caitlyn Moorhead contributed to the reporting for this article.
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4 Banking Services That Could Disappear by 2036
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