Banking at even established banks like Citibank is going branchless

1. It's not just fin-tech start-ups which are adopting technology. Even established bank are going digital and reducing physical presence. Citibank India is reducing number of branches from 44 to 40.

2. Citibank India - 97% of transactions are done through digital branches, compared to 75% of transaction 3 years earlier.

3. Citibank and other foreign banks had high overhead and employee costs earlier. They seem to now be adopting to the new era of banking where income from customers is dwindling. And competition from fin-tech start-ups is eating into many traditional income areas of banks - payments, wealth management, online-credit etc.,

http://www.bloomberg.com/news/articles/2016-09-27/citigroup-said-to-plan-india-branch-cuts-in-digital-banking-push-itkwuj5r?curator=alphaideas&utm_source=alphaideas