Innovation has made it possible for people to get their banking done without even having to walk into a bank branch. You can deposit checks using your smartphone or even send over cash to friends using Venmo. If you really want to be “old school” you can hit the ATM and never step foot inside.
It’s great for consumers, it’s a time-saver and has made banking easy but it’s killing the brick and mortar bank. They just don’t need them as much as they used too. This has caused them to downsize. That means there just are not a lot of jobs in that area of banking anymore.
Citi has said that they will be seeing a huge decrease with the onset of a new robotic system that will make many banking employees no longer needed.
It’s the banking industry’s Uber moment.
Smartphones, Paypal, and all their other buddies on the cyber banking team have literally changed the way that we manage our money.
Given the sluggish business environment for traditional banks and the transformative power of new technology this change is coming faster than many expected. It has already taken place in China, where Internet giants have supplanted top banks in some cases.
Branch teller jobs are particularly threatened. The number of U.S. branch tellers has declined by 15% since peaking in 2007 and Citi says these losses will accelerate because some two-thirds of bank employees are doing processing work that could eventually be automated.
As we become more and more dependent on technology to be the link to all we do, the industry will only continue to change.