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.