#EraOfTheBankBranchesAllAroundIsOver
Why?
#ConsumersAreEmbrasingCashlessSociety (forced by banks)
Solution?
#CryptoCurrenciesWillDoJusticeToConsumers
#PURA #MassAdoption ❤️
Graphics shows us more than 400 branches closed by commercial banks in #Thailand the past 2 years...in preparation for a new era.
Graphics shows #Sweden as a top ranked cashless society and #Thailand & #Asia as transitioning/inception countries on the move towards cashless.
Banks are adapting to the new era, which Thai bank has closed the most branches? Kasikorn Bank (see below)
Historically, the bank had to race and open branches to reach people all over the country. Today, banks want to reduce the number of branches in an effort to stay current with the consumers increasing .
During the past 5 years, the number of bank branches has continuously been growing to support the welcomed transaction volume from the e-Commerce era. But in just 2 years, the number of branches reduced to prior levels. A hundred branches are like proof of Bill Gates's statement that "banking is necessary - banks are not."
The preparation for a cashless society has begun all around the world and FinTech is preparing for the banking in a new era. Developed countries like #Sweden and #Norway, have already grown into non-cash societies, while other countries like #Thailand are entering a non-cash society too (see graphic below).
When we enter into a full-cashless society, walking into the bank to make bank transactions is no longer necessary. Whether it's rent, employee fee, cash fee, or a utility bill; if the bank brings you any technology solution, then it helps to reduce the cost and actually help make things more convenient.
In 2016, global smartphone accounts grew by 64%, while Thailand had an increase of accounts by more than +50% or about 21 million accounts, making the mobile banking application a "must have."
Now many bank branches, especially the stand-alone ones, are closing down. In 2015-2017, there were 406 branches closed:
a) Kasikorn Bank closed => 95 branches (most)
b) KrungThai Bank closed => 93 branches
c) ThanaChart Bank closed => 36 branches
d) Siam Commercial Bank closed => 48 branches
e) CIMB Bank closed => 36 branches
f) Thai Military Bank closed => 22 branches
...while Bangkok Bank and Bank of Sri Ayutthaya are back from Holiday Season in Europe. Their number of overall branches increased by 30 and 27 branches respectively.
All foreign banks to adapt, too.
Of course, the digital age affects the global banking system, and the giant banks of major economies like Japan, America and England also have closed a great many bank branches as well.
During the past 10 years, U.S. banks have closed more than 7,000 branches. While the bank of England has closed more than 1,000 branches in just 2 years. In Japan, the bank section, reduced both branches and employee salaries.
As the banks around the world push and aim to grow into a cashless society, the rising star of #CryptoCurrency certainly has an easier way into the global financial market with many people having had enough of the abuse from the banks and turning to alternative replacement options.
In my opinion, Crypto Currencies will continue to rise in popularity and as banks work on a cashless society (controlled by banks), they are at the same time educating the consumers on smartphone technology, which will transition everyone into blockchain users of crypto currency wallets and independent financial control (freedom) to the people
Source:
Bank of Thailand [last updated 10 January 2018]
https://brandinside.asia/japan-gov-allow-bank-close-weekday/https://brandinside.asia/bank-close-branch-us-uk-japan/https://brandinside.asia/lloyds-shut-100-brunch/https://www.mangozero.com/the-future-of-mobile-banking-in-thailand-by-kbank/skype: nguyenanhhoanh