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Respond to Mail Offer. Nov 11, , am EST. Edit Story. Jun 8, , am EDT. Data journalist covering technological, societal and media topics. Number of adults without a bank account in Moreover, they would love to have a ledger of each buyer's transactions, so they can figure out what to sell him or her next.
So, their incentive is to throw in transaction-processing as more customer-bait — like free shipping or gift-wrapping. They would not be and don't want to be banks, but they could still take over a significant portion of transaction-handling.
A vault sure beats a mattress as a place to store cash. So banks started by keeping money safer, and gradually graduated into helping customers generate a return on their stash. Traditionally this was the preserve of private bankers and stock brokers, whose turf is now being encroached from two directions. Just as human travel agents have been replaced by computers, these companies replace human bankers with software that, based on customer profiling and market analysis, make investment decisions.
The other encroaching banker flanker is 'crowd sourced' investing. Practitioners such as Estimize, Robinhood, Seeking Alpha and Wikifolio act as a sort of market for markets, pooling ideas of the many into a distilled 'Wisdom of Crowds' as extolled by James Surowiecki in a book of the same title.
The jury is still out as to whether either of these approaches generates better results than human bankers or brokers, but clearly, costs are lower. That explains why not only dot. Credit Suisse, for instance, is adopting both elements in its customer portal — the digital Private Banking Platform. Automation is racing ahead where possible, notes Head of Digital Private Banking, Marco Abele, and social networking among customers is being built in.
Before banks got into lending, borrowing had to be done from family, friends or thugs, which often ends in tears, punches or a combination of the two.
Tech-savvy Millennials and even many small business owners are looking to online banking and alternative lenders for greater convenience, competitive rates and easy-to-understand options.
However, so long as people need to talk to other people to understand their finances and make decisions about their money, brick-and-mortar banking is still going to serve a vital need. Being able to walk into a bank and talk to a real person in real time can help you understand your financial options and make decisions about loans and investments.
You also can get specialized services and access to cash and payment channels that are most conveniently handled in person. Ben Gran is a freelance writer who covers personal finance and financial services. A graduate of Rice University, he has written for several Fortune financial services companies. Ben is based in Des Moines, Iowa. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing.
As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Select Region. United States. United Kingdom. Ben Gran, Daphne Foreman. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Was this article helpful? Share your feedback. Send feedback to the editorial team.
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