Andreessen Horowitz Says Bank Branches are Not Necessary

Digital banking is becoming more important than ever during the pandemic and leading VC Andreessen Horowitz believes branches are not needed; “COVID represents an A/B test of branch versus branchless banking,” Alex Rampell, a General Partner at Andreessen Horowitz, said to Business Insider, “and almost nobody is suffering from inability to enter a physical branch.”; consumers believe banks will keep at least some of their branches though 70 percent believe the future of banking is mobile; contactless payments are also expected to speed up rapidly as they are faster and safer than current payment methods; “Paying with Apple Pay and Google Pay is faster and safer,” Rampell said. “Expect that to stick.” Business Insider