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It's easy to forget a time when people waited until the bank was open to withdraw cash, or when tourists got travelers' checks issued before heading abroad.He noted that more new banks are now being launched than ever before, including 40 in the U.K. alone – what could be a wake-up call for old established banks that want to keep their market share.He was speaking before a hall of over 100 Lebanese bankers and financial experts at the opening of the 2017 Retail Banking Summit in Lebanon, hosted by Efma, which took place Thursday morning at Hilton Habtoor Grand Hotel in Sin al-Fil near Beirut. Experts at the conference believe we will likely soon see a day when bank branches operate as support systems to their digital operations, as opposed to what is today the reverse, similar to an Apple store.With a renowned banking sector and a youthful tech-savvy population, Lebanese banks, like many other financial institutions across the world, are putting much of their resources into the next step in retail banking convenience. Retail banking, the side of banking that deals with customer services such as loans and personal finance, is already relatively robust in Lebanon, with high-tech services and low rates of default – around 3 percent compared with more than 50 percent in Cyprus, a similarly sized neighboring country.
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