Do You Really Need a Brick-and-Mortar Bank these Days? Find out what you should do about your personal banking—in our new Magazine issue! - Cabot Wealth Network

Do You Really Need a Brick-and-Mortar Bank these Days? Find out what you should do about your personal banking—in our new Magazine issue!

Learn all about recent banking trends, especially the rise of digital and online banking, when you read the October 2020 issue of our Magazine, just released!

My first job after I graduated from college was as a mortgage banker, working for a local retail bank. After a couple of years, I moved into branch banking, where I ran a branch, developed business, lent money, and oversaw operations. At that time, there were more than 22,000 individual banks in the United States.

That was definitely the heyday of banking. Because banks were prohibited at that time from expanding beyond state lines, and sometimes, even within the state, new banks were springing up all the time. In fact, it was always a joke among us managers—how long are you going to work here before you start a new bank? Back then, it was a pretty good road to riches.

And people had much cozier relationships with their local bankers. Bankers knew their customers by name; local banks sponsored high school and Little League sports teams; and your children could still open their first passbook savings account with the $5 that Grandma sent for their birthdays.

Loans were local too. When I took over my first branch, I was astonished to discover the number of ‘signature’ loans that were made to long-time bank customers, with no collateral! And I could make loans up to $100,000, without Board approval.

My, how times have changed!

And check out this chart that shows a continuous decline in the number of banks since the 1960s:
Number of banks, historical

When you read this article in the October 2020 issue of our Magazine, you’ll get a descriptive timeline of all the major financial crises that have contributed to the toppling of thousands of banks since the 1980s.

And learn all about the regulatory changes that incited and accelerated a bank merger-and-acquisition frenzy, too.

Banking Reimagined

Now, the number of banks and their branches are facing an even bigger threat—fintech. That’s just shorthand for the financial technology and innovation that delivers financial services in a non-traditional way. And neobanks—banks that are totally digital (online and mobile)—are one of the fastest-growing fintech niches.

Today, you don’t need to go into your nearest bank branch to open an account, get a car or mortgage loan, or even to deposit cash or your paycheck. It’s the digital age!

You can pay your bills, shop online, deposit and transfer money on your computer and your cell phone. Once security on the internet was ‘relatively’ secure, online banking exploded. And that set up the path for mobile banking, which is faster, more secure, and very convenient.

In this article in the October 2020 issue of our Magazine, you’ll learn all about the rise of digital and online banking and how the banking industry is dramatically transforming—and what it all means for you. Read this article now!

And when you read this article in the October 2020 issue of our Magazine, you’ll learn all about neobanks, including:

  • Top six reasons to use a neobank vs. a physical bank
  • How neobanks work and what services are typically provided
  • What key service isn’t provided by most neobanks—and what you should do to cover those needs
  • Learn about neobanks specifically designed for students and millennials; small businesses; and affinity groups
  • 4 disadvantages to using neobanks

If you want to know everything about the new ways of banking, read this article now. Plus, you’ll get information about:

  • How artificial intelligence and machine learning are propelling digital banking to new heights
  • How the COVID-19 pandemic has accelerated the pace of digital banking
  • 7 primary reasons to keep a relationship with a brick-and-mortar bank, for now
  • Top 7 digital banks in the United States—and the distinguishing advantages of each one!

Get this article about the worthiness of brick-and-mortar banks vs. digital and online banking—and everything else in the October 2020 issue of our Magazine—including:

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