Mobile transactions to dominate consumer banking in 10 years

08/2/2010 | U.S. Banker

As smartphones and Web-based transactions become the banking tools of choice for consumers, traffic at bank branches will decline steeply over the next decade, according to a report by the consultant Lafferty Group. Going beyond the next decade, about 80% of all bank transactions will be conducted over the Internet by 2029, with only 5% at teller stations. Banks should plan to create smaller, more strategically located retail branches and a seamless, personalized mobile-banking experience.

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