Bank accounts could disappear within 15 years according to one of Deutsche Bank's most senior execs

Marcus Schenck, one of the most senior executives at Deutsche Bank, believes that bank accounts as we know them now could disappear in as little as five years.

This view follows a recent trip Marcus Schenck made to China where he saw that the retail banking sector is ripe for disruption from new technologies, in particular from seeing a factory producing microchips that can mine bitcoin or any type of blockchain technology. 

He believes that in the future traditional accounts held with banks could be closed and replaced by online wallets for holding cryptocurrencies, which would remove the need for banks to store money for individuals. 

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