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What is the future of banks? I believe they are doomed. I believe banks will no longer exist within 10 years as I see it. They know it, yet they want to continue to keep you under control. Banks and their employees will all be outsourced to a video conference room and everything will be electronic on a chip or in her head or hand, or attached to your DNA. The bank as we know will no longer be a location, a building. It will just be a electronic general ledger entry not at a bank but in the virtual electronic currency realm. Your account will be your associated to you by some means, your crypto social security number, your DNA, your visual cortex, something biological to you and you alone.
Where did it start for me? 40 years ago I started with a simple credit union bank account - Rogue Valley Credit Union, and moved to First Interstate Bank, and now 28 years later with Wells Fargo Bank. After a small jaunt with Bank of America and Umpqua Bank - I can tell you what I know about banks - they are going away soon.
Privacy is no longer an option when cash does not exist. Oddly, banks are trying to get rid of cash, though the Department of Treasury is printing a lot of money. Banks will charge you cash deposit fees if you give them too much cash. Ridiculous. If you give them too much cash, they tell big brother about it too. That is all wrong. Cash was king. When will it stop?
I asked a bank manager once, why do you exist? Why do I need you? I needed to convert some stock that had multiple party names and they did not want to complete the transaction. I told them to do it because another institution told them to do it, yet they yielded. Why? I gave them a lecture and within 15 minutes of me explaining their real existence, they complied. Their answer was meaningless and was a jumble of products and services. I replied in the negative and contrary and explained to the main branch manager the following. Their only value, and I mean only value, is to negotiate a transaction between two parties. That is all. No more. All they do is validate a transaction as trusted and complete between two parties. Their only risk is just that. Can they trust me and can they trust the other party. I told them, do it or else. They did it and you know why. Because it would all come back to me anyhow. It never did. Banks need to remember why they only exist and who is really in charge and they would not exist if there were not two parties.
A decade or so ago, my mortgage became a nightmare with the 2008 housing crisis. I am still in it because Wells Fargo won't let me out of it and has even made my life difficult. they really don't need me.
Recently, I found out Bank of America does not really need me neither because of an incident involving the death of my mother. Oddly, Bank of America has zero tolerance for accidents, even when they are at fault.
DNA is your account access. Hmmm.. I could take a lock of your hair, or get your twin to access your account.
more to come...
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