The article talks about the SBV bank run and says can you imagine the panic and queues.
There wouldn’t have been queues because many of the customers were tech start-ups and when they were advised by some of the venture capital who funded them to get their money out, they would have done the withdrawals online. Customers attempted to withdraw US$45bn in a single day.
In 2008 when there were bank failures we didn’t have digital banking, nor did we have social media which quickly amplifies fear, panic and misinformation.
James Bianco, the president of Bianco Research, said smartphones had removed "the frictions of standing in line" at banks and tellers being instructed "to count money slowly" if withdrawals spiked.
Mohamed El-Erian, the chief economic advisor of Allianz, pointed to the "supersonic speed of information flows and deposit flight" in a world of "tech-enabled banking."
https://www.businessinsider.com/svb-...ks-2023-3?op=1