Is Banking From Home the Future? See What You Can Accomplish Without Leaving the Couch

Many banks today offer a variety of services that don’t require you to go into a brick-and-mortar location. This includes opening new accounts, making digital deposits, paying bills, or applying for a credit card. All you need is a mobile device or computer. 

Why Do People Need to Go to Banks in Person Anymore?

While more people are using online banking, there are still several services where going to a bank could be necessary. 

Deposit cash

While many banks offer the ability to deposit checks using a mobile app, there’s no online solution for depositing cash. It has to be done at the bank or using an ATM. 

Apply for a loan

Many banks offer the option to apply for a loan online, but applying in person at a bank provides an opportunity to go over your finances with a banking officer. This personal touch could help you get approved when an online system may decline your application. 

Meet with an investment advisor 

If you are looking for the right investments, meeting with an investment advisor in person at a bank branch could provide invaluable insights that you can’t get online. 

Access to a safety deposit box 

Brick-and-mortar banks typically maintain safety deposit boxes you can rent to store such valuables as cash, jewelry, collectibles, documents, and other important items that need protection from theft or fire. 

Get documents notarized 

Many banks offer notary services free of charge to customers. This can be helpful when you need legal documents notarized. 

Can Typical Banking Needs Be Served Online?

Common banking needs include opening new accounts, making deposits, withdrawing cash, or applying for a credit card or loan. Most common banking services can be completed online using a mobile app or the bank’s website. While some services may always require going into a bank branch, the vast majority can be done from the comfort of one’s home.

What is the Future of In-person Banking?

Traditional in-person banking has been in the process of giving way to online banking for some time. According to the Federal Deposit Insurance Corporation (FDIC), there are 4,549 banking institutions with 76,742. Regarding credit unions, the National Credit Union Administration (NCUA), there are 4,499 credit unions with 21,961 locations. However, these numbers are on the decline. For 2024, the FDIC said there was a net decline of 1,100 branches nationwide.

This is not surprising, as more people take advantage of online banking services. In fact, according to a survey conducted by Morning Consult on behalf of the American Bankers Association (ABA), 55% of bank customers used mobile banking, 22% used online banking, and only 8% surveyed went to a bank branch for services.

The Bottom Line

More people are skipping the visit to a local bank branch in favor of online banking services. They often can complete the same banking tasks, such as depositing a check, opening an account, or applying for a loan using the financial institution’s mobile app or website. However, there are still some services that require a visit to a brick-and-mortar location, such as depositing cash. Even so, using online banking continues to grow while visiting a physical branch is decreasing.