To: Anthony@Pacific who wrote (55142 ) 4/26/2000 7:44:00 AM From: If only I'd held Read Replies (3) | Respond to of 122087
In our lifetime, brick and mortar banks will probably cease to exist. However, guys like you and I that are in our low 30's, will probably have grey hair and walk with canes before it has completely evolved. I can't see the brick and mortar model holding up when the new generation of bread earners that will be more computer literate can do everything electronically. They will not sit at a drive thru window on Friday afternoon waiting to cash their paychecks, nor will they trapse all around town looking for someone to give them a loan to buy something. Point click and borrow, point click and pay, etc....will be as common as point click and trade. The question is....who will survive the fact that they are a generation ahead of their time? Guess what.....for the first time in my life, I am considering banking on-line. UsaBancshares is giving 5% on checking accounts with a minimum balance of $1. And while the money is sitting around in that checking account, or savings account, if a deal comes up on a stock, I can click thru a few screens and scoop it up and then sell it a few days later to increase corporate or personal profits. One station, one vendor, I'm done. As you know, I have a small business, and 3 years ago, it was not uncommon to have $150-200,000 sitting around in a checking account or savings account getting me almost nothing in return. Those days are gone. It'll never happen again. With on-line banking, on-line investing, on-line bill paying, on-line borrowing, etc....I can manage corporate profits and personal funds 100 times faster and easier than I did in the past, and it is much easier to keep my money working for me at all times. Come on man, the deposits are FDIC insured, the securities are SIPC insured....what is the system lacking?? I don't think I have to tell you that they will likely merge with an on-line lender. One stop shop. I have next generation people working for my company that do not know anything about this stuff and do not use computers. Just like I got my grandparents, and my parents on-line and managing their finances in a computer, I will have these younger folks working them too. It's just a matter of time. Hell, ten years from now, they will just be able to voice command their computers anyway right? You're a smart man Anthony, I'm sure you see all this coming. Psst, by the way.....the days of your insurance agent coming to your door to collect their checks and discuss options on your life insurance poilcy and other policies.......coming to an end. Car dealers will be little more than just a storage warehouse and a crew of mechanics. The sales offices of all the suit and tie get in your face as soon as you pull in the lot sales vultures will be converted into something else. My main concern is....where are all these people going to work in the future. Where will the insurance agent go for work, or the car salesman, or the bank teller, or the stock broker? What are these people going to do? That concerns me. And what are they going to do with all these huge buildings? I hope we get our forests back.