Are banks becoming obsolete?

Discussion in 'Finance' started by wgabrie, Oct 9, 2021.

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  1. wgabrie

    wgabrie Well-Known Member Donor

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    I was reading about checks and banks, and it occurred to me that banks were set up to handle money paid for through checks.

    Most places don't accept checks anymore, not since the great recession.

    Are banks becoming obsolete?

    The only way that banks have evolved so far is by processing payments through Debit cards. But is this a solution to the check mess, or has it simply delayed the inevitable and we need to think up a new payment system to replace banks?
     
  2. Chrizton

    Chrizton Well-Known Member

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    It is possible that branch banking needs a smaller foot print in the future, but banking itself isn't going anywhere. Banks offer many more services than check cashing.
     
    joesnagg likes this.

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