Banking Activities of the Future

As you walk into your bank, you are met by a video teller. These robo-banks allow you to connect with financial specialists based on your needs through a virtual concierge and videoconferencing. These banking staff members are located hundreds and thousands of miles away.  Banks benefit from these actions with fewer branches and fewer employees covering customers in many geographic settings.

Other actions being taken by banks and other financial institutions to better serve customers include:

  • A variety of services to enhance the banking experience, such as offering co-working spaces for customers who work remotely.
  • Payment systems in the athletes’ Olympic pins to complete purchases transactions at the 2018 Winter Games.
  • Customers can pay with a facial recognition scan in some retail settings.
  • Financial services offered through Alexa (Amazon), Siri (Apple), and Google Assistant allowing bank and credit card customers to check their balances, pay bills, and send money.

For additional information on technology banking trends, click here.

Teaching Suggestions

  • Have students talk to two or three others to obtain their ideas about: (a) future banking technology, and (b) the setting and services of the bank branch of the future.
  • Have students create a presentation or video that communicates future banking activities.

Discussion Questions 

  1. What technology services do you desire from a bank for your financial services?
  2. Describe actions banks might take to better serve the needs of customers.

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