Nearly every industry has bent itself to serve the tech savvy—banking included. Now, you can transfer funds between accounts with a text, unlock your balance with your fingerprint and even deposit checks with your phone camera. So far, the ease of use has been thanks to the banks adding a little bit of tech into their business. But in the future, will it be the tech companies adding a little banking to their business?
Many Americans think so. According to a recent study by banking company Fintonic, one in seven millennials (ages 18 to 34, in this study) believe tech giants like Google and Apple will replace traditional banks and become financial institutions themselves.
What’s more, it was found that many not only believe the tech giants will soon hold our cash; they believe they’ll be better at it. According to the study, one in seven of those ages 54 or younger actually think Google and Apple could do a better job at banking transactions and customer service than traditional banks. When surveyed among a group of Americans that earn more than $80K a year, one-fifth believed this to be true.
There were other interesting findings regarding the technology itself as well. It was found that one in six of those ages 54 or younger think robots will replace all bank tellers in physical branches. When it comes to mobile payments, nearly half of everyone surveyed believed they’ll become more common than card or cash transactions within the next 10 years. Additionally, nearly half believed traditional checkbooks will be come completely obsolete in that time.
It doesn’t seem that any tech giants have plans to enter the finance world, but it’s definitely a possibility. The points about mobile payments and checkbooks, however, seem like safe bets.