Global banking outlets have decreased by 14% in the past decade From Japan economic news
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Reference news recently published a report by Japan economic news that “global banking outlets continue to decrease”. The article is summarized as follows: the bank’s business outlets are decreasing all over the world. Financial services are rapidly transforming to digital, and the banking business model is constantly changing. The rise of new financial technologies without stores is also having an impact.
The data collected by the International Monetary Fund on commercial banks show that in about 100 countries, the number of bank outlets has decreased by 14% in the past 10 years. In European and American countries and South Korea, the reduction trend of bank outlets has gradually accelerated.
The rise of financial technology that can remit money only by paying a very cheap fee has forced banks to rebuild their business model. United Bank of America reduced its business outlets last year. The bank application applet not only has the basic functions of handling banking business and providing bills, but also can voice prompt deposit balance and transaction records.
In the past 10 years, the number of Bank of Japan’s business outlets has changed little. Japanese banks will open outlets near subway stations and have automatic teller machines. People mainly go to physical outlets to receive financial services.
The long-term low interest rate makes banks unable to make money through financing, and the cost of maintaining store network becomes a heavy burden. Reducing funds has become a top priority. In the future, the Japanese banking industry is bound to reduce the number of business outlets.
However, if the number of bank outlets decreases, it will be more difficult for the elderly to enjoy financial services. The Swedish government requires financial institutions to set up outlets to provide cash services within a certain distance, or it is expected to slow down the decline of outlets.
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