Every now and again we have a friend provide a guest post. Today's guest post is from Chris Dunne, Payment Services Director, VocaLink:
Many of us have been enthusiastic participants in the destruction of well-known businesses over the past few years as we move from buying physical goods in physical stores (books from Waterstones) to digital goods in digital stores (e-books from Amazon), and it doesn’t take a genius to see that banking is heading the same way.
The Campaign for Community Banking Services recently predicted the branch network in the UK would shrink from 9,500 branches to 7,000 by the end of 2018, as banks improve their online offerings and customers take this up in ever-greater numbers. Paragon recently announced their move into retail banking and they have no intention of opening branches; they can harvest deposits online, and the absence of branches leaves them free from a world of cost and operational challenges.