A senior executive at Deutsche Bank predicts that bank accounts in their current form could disappear in as little as five years.
Retail banking is ready for digital disruption and accounts will disappear and be replaced, according to Marcus Schenk. The president and co-head of corporate and investment banking at the German bank made the claim at an industry event in China, «Business Insider» reports.
Schenk's theory comes from his observation on the rapid proliferation of digital wallets, especially in Asia, with many now eliminating the requirement for a bank to be involved.
As far back as the mid-nineties Bill Gates is credited with saying that in the future, banking would be needed, but banks themselves would not. With every passing year the profound statement gets closer to becoming reality.
