10 things that are disappearing as banks reinvent themselves

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Which bank should I choose?

Get personalized bank recommendations in 3 easy steps.

© Osugi/Shutterstock.com

Think back on your very first banking experience. Was it anything like your last one?

Heck no. In fact, some of us have been conducting our banking business online for so long that we may have difficulty remembering the last time we actually set foot in a brick-and-mortar bank.

“The bank branch looks and feels different today than it did years ago, and I believe it is largely due to technology,” says Scott Heitkamp, chairman-elect of the Independent Community Bankers of America. “Today’s customers are looking for convenience, simplicity and flexibility when they bank, and technology is providing that with the use of automated teller machines, online banking and mobile banking, which is creating less customer traffic in the lobbies. Banks are finding ways to become more efficient with the space they have.”

David Pommerehn, vice president and senior counsel for the Consumer Bankers Association, agrees.

“Banks are innovating. The way that consumers do banking these days is completely different than they did even 5 years, much less 20 years ago,” he says.

How different? Here are 10 ways banking technology has created changes to the way we do our business.