Mashreq Bank plans to open a branch in January without any staff, reports Arabian Business.
Instead, its forthcoming branch will come stocked with technology like video conferencing and online banking, among other electronic ways to interact with the UAE bank.
The news echoes branch transformation trends in America. U.S. banks, like Wells Fargo & Co. and PNC Bank have been building smaller branches that come equipped with more technology and eliminate traditional teller counters. Typically, tablets and ATMs that dispense $1, $5, and other bill types are made available to customers in these newer high-tech branches.
Separately, new research from Filene Research Institute and the Pennsylvania Credit Union Association announced Monday found that consumers overwhelmingly prefer getting their financial advice in the branch and making their deposits there, too.