Project Innovate is proud to support Digital Diversity Day!. Learn how to get in free of charge and... - Sep 25, 2019
Major US Banks Plan to Automate 200,000 Jobs Over the Next Decade
Work in a bank? Are you a customer who enjoys a little face-time when making withdrawals? That could all be going away by 2030, if US banks have anything to say about it. With automation on the rise, US financial institutions are starting to see the profit potential of removing the human element from their establishments.
“Big banks have been pouring billions of dollars towards the development of technology to replace menial jobs in their organizations as well. This could make banking services cheaper, but at the same time there's a workforce the size of a small city that will lose their jobs as a result. A new report by Wells Fargo says US banks will slash more than 200,000 jobs in the next decade.” (TechSpot)
According to the article, the banking sector is the biggest spender when it comes to technology upgrades – that’s across all sectors – with an estimated $150 billion spend each year. A lot of that is likely due to their ongoing security elements, particularly when it comes to digital transactions.
Almost a third of banking employees could lose their jobs as a result of the move towards automated processes, with a former head of Deutsche Bank warning that as many as half of its 97,000 total employees could lose their jobs to technology.
It’s one more way in which technology is replacing people in many tasks that can be automated by robots. It’s both scary and interesting to consider what our world of work might look like in 10-20 years, if this trend continues.
Have some thoughts on automation technology? Share your thoughts in the comments below.