Wednesday, March 30, 2016

Bank teller jobs are gone

Business Insider: Banks are quickly approaching their 'automation tipping point' — and they could soon reduce headcount by as much as 30%.
That's according to a new Citi GPS report on how financial technology is disrupting banks.
"Banks’ Uber moment will mean a disintermediation of bank branches rather than the banks themselves," the report said.
"Specifically, it will mean the shift to mobile distribution being the main channel of interaction between customers and the bank," the report reads. 
That means there will be less need for bank branches, and the people who work inside of them.
"We believe that there could be another ~30% reduction in staff during 2015-2025," the report said.
Bank staffing levels are already down significantly from their pre-financial crisis peak. The number of branch tellers in the US is down 15% from its 2007 peak.
The Citi analysts predict a 40-50% staff reduction from pre-crisis highs.

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