Say you want to open a new bank account. Today, you can research which bank offers the highest interest rates, has the best customer service rating, and then sign up online, deposit checks, transfer funds, and check your balance—all from your smartphone. If you need help, you can connect to a person or engage a chatbot from the bank’s app or website. Twenty-four hours a day, seven days a week.

What’s (generally) not required? Going to a bank branch during business hours or filling out paper applications. Technology has transformed the banking industry, mere decades after the first ATMs were installed and online and remote banking has become ubiquitous. Shopping for a home mortgage or car loan has been similarly changed. Consumers can shop for the best rates online, get approved, even close the deal from the convenience of their home or a coffee shop and do this all with the highest level of security.

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