For years, there has been speculation about the death of retail banking. With the advent of online banking and mobile apps, many people thought brick-and-mortar branches would soon become a thing of the past. However, this is far from the truth. There will always be a need for traditional retail banking, even if it looks a little different in the future.

It is undoubtedly the case that people visit physical bank branches less frequently to take care of their banking business. This is more a function of convenience than anything else. Many banks are now using artificial intelligence (AI) and chatbots to provide their customers with an even more convenient experience. As a result, fewer new branches will be built as banks focus on expanding their digital offerings instead. That's where online and mobile banking comes in--they provide the convenience customers crave without sacrificing too much of the personal touch. Banks can still offer solid customer service by allowing customers to conduct transactions online or through a mobile app.

Additionally, some banks have reduced their hours or closed their lobbies in response to the pandemic. However, these changes are temporary, and banks will eventually return to in-person business as usual.

Many people still value the personal touch that comes with an in-person visit to the bank, and I am one of them. I prefer physically taking my money into the bank and depositing it myself. Some might call me old school, but that doesn't change the fact that many people feel similarly. In-person, face-to-face transactions will prevail. Even though it makes up a smaller portion of the banking industry than it once did, it is still essential to providing hands-on service to clients.

We may not see as many new branches in the future. However, traditional retail banking will still have a relevant role to play. People appreciate the personal touch that comes with working one-on-one with a teller or loan officer. This is especially apparent with the recent influx of job postings in the banking industry. Here at our recruiting company, we've seen a significant increase in banks coming to us for help filling positions in skilled labor fields such as lending, business development, finance, marketing, and operations. Perhaps this is a sign that physical banks are here to stay.

What do you think? Let me know in the comments below.