|By Patricia Sabatini, Pittsburgh Post-Gazette|
At least one industry player believes it won't be long before traditional brick-and-mortar branches completely disappear.
Think about what happened to the video rental chain
"The CEO of
Just a decade later, the company has all but vanished, killed off by low-overhead DVD kiosks and technology that conveniently streams movies on-demand directly into people's homes.
In a few years, 10 years or less,
"They'll have one or two [locations] in business areas so they can meet with CFOs, and in fancy parts of town where they can meet with high net-worth people for retirement planning," he said.
"For 90 percent of us, banks will keep our deposits and not see us face-to-face."
PNC said close to half of its customers now handle the majority of their transactions electronically.
"Now, the main payment route is swiping a card. The new route is tapping your phone," or holding it next to a contactless reader, he said.
Companies are already working on the next generation of technology for authenticating payments using biometrics, such as fingerprints and voice or facial recognition software.
"Very likely in the future, instead of entering card data, you will enter a fingerprint," he said.
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