CHICAGO – In-branch transactions declined by 25% between 2006 and 2010, and one person is forecasting similar declines will be seen by the end of 2015.
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In addition, Brett King said the use of cash will decline by 17% over that same timeframe as consumers move to use more plastic and mobile options for payment.
As an example of the trend, King, author of “Bank 2.0” and founder of Movenbank, told CU Direct Lending’s (CUDL) Conference here that a mobile app offered by Starbucks that can be reloaded now accounts for 25% of sales at the company’s North American stores.
