In 1967, when ATMs were introduced, it was expected to spell the end of bank branches and bank teller jobs. Instead the number of bank branches and tellers increased, with their roles emphasizing sales and customer service, rather than dispensing money.
In 1994, when on-line banking was introduced, a major loss of jobs was prophesied. And this time jobs did start to be lost – but less than expected, because of resistance to technology from an older demographic and from some industries (such as real estate).
Now, in 2018, several technologies are coming together to have a significant impact on the industry and its employees:
- On-line digitized payments using mobile phones are reducing the need for cash – and this is being encouraged by governments worldwide because of concerns about illegal payments and money laundering. (Visitors to China have noticed that most business people no longer carry purses or wallets – just their mobile phones.)
- The internet continues to reduce the need for bank branches, tellers, and stock brokers.
- AI is being used to automate credit application processing and financial planning.
- Blockchain has the potential to totally re-structure the finance industry with its ability to by-pass the need for a trusted third party in financial transactions, such as international trade, money transfers, and mortgage processing.
- And the impact of digital currencies, like bitcoin, has yet to be felt.
This time the writing on the wall needs to be read!
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Digitization of money and finance: Challenges and opportunities (AI - 2018-05 - American News)
AI could Kill 2.5 million financial jobs - and save US banks $1 trillion (AI - 2018-05 - Fast Company)
The Bank of England is testing blockchain to support domestic payments (Blockchain/Banking - 2018-04 - Digital Treds)
Spanish bank’s customers using blockchain to transfer money (Blockchain/Banking - 2018-04 - Quartz)
How blockchain trade finance is breaking proof-of-concept gridlock (Blockchain/Trade Finance - 2018-04 - Coindesk)
American Express added B2B blockchain payments for US businesses sending money to businesses banking with Santander UK (Blockchain/Money Transfer - 2017-11 - TechRepublic)