Report Says All Nearly 200 Missouri Banks Could Close by 2041

Times are certainly changing, but I'd predict that this would be the one change that could be the most jarring for all. A recent report says that nearly all of Missouri's 200 banks could close by the year 2041 if not before.

I was really surprised by this recent report from Banking Exchange, but the more I thought about it, the more realistic it seems. It states rather tersely that in-person banking is about to go extinct and that all banks in Missouri and other states could be shuttered by the year 2041. They say that it's because of "a shift toward online and mobile banking, increased automation in financial services and efforts by banks to cut costs and streamline operations".

How would this seismic shift in finance affect Missouri?

According to Money.com, Missouri has nearly 200 banks as of the date of this writing. The state has also seen many bank closings over the past year or two.

When I looked at my own behavior, I began to understand how and why this closing of brick and mortar banks in Missouri could and probably will happen. I can't remember the last time I actually walked into a bank as I (like many) manage our family bank account online. There is just very little reason for me to get in our car and drive to a bank to do anything.

This isn't easy news to accept especially considering my mother worked for a bank and eventually a savings and loan for several decades. It is the new reality and someday we'll likely not see any bank buildings in Missouri anymore and that will be strange.