ATMs did reduce the need for bank tellers but population and economic growth simply increased the amount of banks faster.
Digital payments accelerated during Covid (prior to that it was uncommon for a business to not take cash, now you see it in a lot of places) and reduced the need to go to a branch.
Banks are often located in high visibility retail areas, many of which have closed or are struggling to get foot traffic these days.
The only difference smartphones make is the ability to deposit checks. Which you could already do at the ATM.
A lot of the people so old they can’t use iPhones or ATMs (ask any bank teller in retail and they’ll tell you they mostly serve seniors) passed away in the last several years.
There are really 500 other ways to skin this cat, and it’s surely a combination of them, but there’s no reason to suspect the iPhone was the straw that broke the camels back. A lot of things happened all at once.
Digital payments accelerated during Covid (prior to that it was uncommon for a business to not take cash, now you see it in a lot of places) and reduced the need to go to a branch.
Banks are often located in high visibility retail areas, many of which have closed or are struggling to get foot traffic these days.
The only difference smartphones make is the ability to deposit checks. Which you could already do at the ATM.
A lot of the people so old they can’t use iPhones or ATMs (ask any bank teller in retail and they’ll tell you they mostly serve seniors) passed away in the last several years.
There are really 500 other ways to skin this cat, and it’s surely a combination of them, but there’s no reason to suspect the iPhone was the straw that broke the camels back. A lot of things happened all at once.