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Branchless banking
There are several financial institutions that provide branchless banking. If your financial institution allows for branchless banking, it can mean two things:
- You can do your banking without needing to go into a branch (over the phone or online)
- Or the financial institution does not have any branches so you have no choice but to do your banking over the phone or online.
Financial institutions that do not have any branches save potentially millions of dollars each year in running costs, maintenance and staff and can compete harder for customers without these overheads. Branchless banking is the future of banking as more people avoid the queues and find more convenience online.
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Disclaimer
This article is over two years old, last updated on December 15, 2009. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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