The Vanilla Checking Account is Dead, What Will Replace It?

In his weekly Forbes column, Ron Shevlin puts forward the suggestion that checking accounts as we know them today are dying; they have become “paycheck motels”, a temporary place for people’s money before they move it elsewhere; he says the successor to the checking account will have five core features: 1) universal payments (B2C, P2P, bill pay) capability, 2) rewards optimization, 3) account-to-account money movement, 4) receipt management and 5) value-added service provisioning; eventually Shevlin believes a big tech company will acquire a payroll processor like ADP and that will signal the beginning of the end for checking accounts; while it will likely take a decade or more new “autonomous finance” accounts will become the norm in the future. Forbes

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