Gone are the days when banking presence is measured only with the number of branches and ATM terminals.
These days, in order for a bank to be truly competitive in the global market, they also need to have an online portal, as well as a mobile banking application.
According to a recent study conducted by Javelin Strategy and Research, more than 107 million Americans have made online transactions at least one time in the year 2009.
By 2015, it is predicted that 146 million people or 59 percent of the total American population will do the same thing.
Around 25 percent of the United States population do some form of banking.
They check the balance of their accounts, they monitor recent transactions and even pay bills online, on their smart phone or other mobile devices.
With the popularity of Apple's iPad and the increasing race of other computer manufacturers to come up with their own PC tablets, this trend is expected to grow in the near future! Nineteen of USA's top 30 banks already offer some form of online and mobile banking.
Among these are U.
S.
Bank, Suntrust online and Regions among others.
Bank of America is currently considered as the largest bank in the United States.
It already offers a robust online system.
Wells Fargo, the third largest also offers a similar banking system.
Through mobile banking, customers have another means of accessing their accounts online.
They can even do transactions through texting, although this feature varies from bank to bank.
Some banks have also implemented a form of Virtual wallet, instant messaging for their customer service, as well as an on-the-go mobile texting banking.
This is done by taking a photo of paper checks, and then depositing them to bank accounts.
Although younger customers are easily enticed by these features, they are not the only ones joining the bandwagon.
Even older folks are encouraged to sign up for these services because of the convenience it brings them.
This form of banking has become popular so much that a lot of people no longer go to the physical branch if they can help it.
Perhaps, the time of brick and mortar banks is passing.
There are new technologies being implemented by banks now.
In the near future, more innovations and services will be delivered and come up with.
Those who are able to maximize these technologies will be able to capture a significant chunk of the market, while those who fail to adapt will be relegated to oblivion and to the dustbin of banking history.