One could imagine describing bank branches as solving the “last mile problem.”
How do you distribute money to customers in need?
How do you manage the paperwork associated with banking services?
I tweeted something earlier that I wanted to save here on the blog for posterity.
(Link to Rebranding a digital bank, written by Monese.)
Branches as a distribution point for money are unnecessary. You can deposit checks via mobile phone and withdraw from an ATM.
But the paperwork, and getting help with completing it, is still a nightmare.
Unless the bank is starting from scratch. I’ve met with Banco Original (Brazil) who have no paper for their accounts. Looks like Monese might be doing the same in the Eurozone.
I think that technology as a replacement for paper is a bigger deal than as a replacement for the bank branch.