By: Joe Harpaz.
A split-second screen shot in the newest commercial for the Apple Watch tells you pretty much everything you need to know about the future of retail banking. It’s not a pretty picture for retail bankers.
In the scene, a man buys flowers to apologize to his significant other. To pay for the flowers, he swipes his Apple AAPL -0.29% Watch clad wrist across an Apple Pay-enabled kiosk at the cash register.
The image is brilliant in its simplicity, making the everyday seem sublime thanks to new technology. A few years ago, that same apologetic man would have paid cash for the flowers. Which means he would have had to go to a bank – or at least an ATM – somewhere along the way. Payment apps – such as Apple Pay, Venmo, Square and dozens of other competitors – have removed the neighborhood bank from the equation.