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Brick and Mortar Banks, Gold, and the FinTech Revolution

OWNx Team Blog, Global Finance and Economics, Gold & Silver Market, Money & Finance, News & Commentary 0 Comments

One of the more visible signs that FinTech is real and growing is the trend toward smaller, more technology focused branch banks. Bank of America recently accounted that it has opened three branches in the United States with zero workers.

Bank of America Opens Branches Without Workers

This is the traditional mega-bank’s response to the thousands of micro-bank-like companies that are springing up like wild flowers around the world. There is a great debate going on about what the banking industry will look like in just a few years. Problems with the financial system not withstanding, large banks with thousands of brick and mortar branches are finding it difficult to envision a transition to what many believe will soon be a “bank on your smart phone” world.

One thing is for certain. Companies that deal with financial assets, including gold and silver bullion, must align their business models with the financial technology revolution. Those that fail to do so are going to find survival difficult in the emerging new financial world.

This is why fractional ownership of large bars of physical gold and silver makes so much sense. Not only will people maintain their ownership of the real thing, but they have the option to instantly liquidate their holdings, and move their cash to other investments instantly, or choose to convert their gold and silver into smaller coins and bars for delivery. It’s the smarter, easier way to own gold and silver.

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