I thought this was an interesting article as it talks about how bank tellers may become obsolete and replaced by technology. The amount of bank branches is decreasing in the US from 99,540 in 2009 to 91,861 in the third quarter of 2016. Bank of America has opened three small banks that do not have any employees, but instead they have ATMs and video conferencing to help customers with their banking problems. People can now use video conferencing solutions in order to determine how they should go about particular banking issues like a loan, mortgage, or even planning for retirement. Not just bank branches, but the entire financial sector are being strongly affected by the technology movement.
I would not be surprised to see extreme layoffs in bank branches in the next 5-10 years as I think technology can accomplish much of what they do. Why have those people sit around all day waiting for customers when you could rather have them advising people from all over the country. I think the banking industry will be disrupted by technology and the fintech that comes with it. Bigger banks must accept that my generation does not like cash, prefers online banking, and needs to have services on demand.
https://www.washingtonpost.com/business/economy/bank-tellers-are-the-next-blacksmiths/2017/02/08/fdf78618-ee1c-11e6-9662-6eedf1627882_story.html?utm_medium=email&utm_source=fintechweeklycom&utm_term=.b9570445edfa