International Banker: For Banks, Digital Transformation is an opportunity, not a threat

International Banker, September 16, 2021, For Banks, Digital Transformation Is An Opportunity, Not A Threat

As consumers use cash and checks less frequently, their need for traditional banking services associated with those payment methods declines, while their desire for digital options increases—both of which have implications for banks.

In some cases, shifts in consumer demand have led to branch closures. The National Community Reinvestment Coalition reported a 5.13-percent loss of bank branches in the United States between 2017 and third-quarter 2020.