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BBVA Compass Bank has begun testing video work stations in six of their branches. These work stations allow for mortgage applicants and investment services to be done via a video screen, without being in front of a physical banker. Such innovation could eliminate staffing issues/needs within their retail sector.

There’s been a lot of commentary on the debate of whether retail branches will remain relevant. With the shift toward online and mobile banking, the requirement of a financial institution having physical branches continues to become less important. As the link above mentions, what this feature does is allow from BBVA Compass to serve more customers, in more locations and with less staff.

Imagine the possibilities of how retail banking may change in the coming years. Will banking consist of sitting in a private office, somewhere in an office building and conducting your banking business via video screens? While I don’t expect retail branches to go away anytime soon, there is definitely a shift toward transacting business via mobile devices and interactively.

Your thoughts? Would you welcome this technology or is banking still a traditional transaction? What do you think the future of retail branches is?

*Link to American Banker article can be found here.