Even in Germany, which isn’t a pioneer in this regard, most bank customers now usually conduct their banking affairs online, and mobile banking is also on the rise there. There are already some institutions which use smartphones as the sole channel for their entire service package.
5 One factor, which illustrates my point about the adaptability and flexibility of the U.S. economy, is the pronounced decline in the energy intensity of the economy since the 1970s. Since 1975, the energy required to produce a given amount of output in the United States has fallen by about half.