Are banks eliminating tellers?
Roles slated to disappear include branch managers, call center employees and tellers. Artificial intelligence, cloud computing and robots will play a larger role in daily banking functions like taking payments, approving loans and detecting fraud.
So many people are hiring, she said, and it seems that far fewer people are willing to take a job that requires them to leave their home. Bank teller employment was expected to decline by 12% from 2021 to 2031, but financial occupations on the whole are expected to grow 7% during that time period.
The Bureau of Labor Statistics projects that the number of teller jobs in the United States will fall by 52,900, or 15%, from 2022 to 2032.
BMO, Wells Fargo and USAA are latest banks to report layoffs
The job cuts come as banking executives express caution about the industry's growth prospects in the second half of the year, and as some banks divest certain parts of their businesses .
Bank Teller Jobs Could 'Decline Quickly'
Banking is a huge industry with many different types of workers. Some of those workers will be more exposed to AI replacement, while others will be less exposed. Bank tellers, in particular, seem to be at high risk for job loss due to AI automation.
But now drive-up teller windows are running out of gas for some financial institutions as consumers increasingly bank online or use ATMs and mobile apps. Banks are adapting and adjusting by closing them.
Despite declining employment, about 29,000 openings for tellers are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.
When ATMs were introduced to banks in the 1980s, people thought bank tellers would quickly stop existing. Over time, each bank branch did end up employing fewer tellers. However, ATMs made it cheaper to operate bank branches, so more bank branches opened and there were eventually more bank teller jobs over all.
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Bank Tellers in busy branches with high customer traffic may experience more stress, especially during peak hours when they must handle numerous transactions quickly. 2. Handling large sums of money and complex transactions can add stress.
What bank is crashing 2023?
|November Back to Top
|March Back to Top
|Signature Bank, New York, NY
|March 12, 2023
|Silicon Valley Bank, Santa Clara, CA
|March 10, 2023
At least two of the banks in the tally — Morgan Stanley and Goldman Sachs — launched layoffs in the opening days of 2023. The former shed 4,800 jobs last year, by the FT's count; the latter, 3,200 (although smaller rounds of cuts later in the year likely pushed that number up).
Before Silicon Valley Bank collapsed in March, it had been 28 months since a U.S. bank went up in smoke — the longest stretch without a failure in more than 15 years.
The top five jobs most exposed to AI in general include management consultants and business analysts, financial managers, accountants, and psychologists.
“Examples include data entry, basic customer service roles, and bookkeeping.” Even assembly line roles are at risk because robots tend to work faster than humans and don't need bathroom breaks. Zafar also points out that jobs with “thinking” tasks are more vulnerable to replacement.
If you're a small business owner concerned about the future of payroll, now is the time to educate yourself and adapt. Embracing technology can provide you with a competitive edge and help you comply with ever-changing employment laws. The integration of AI in payroll is not a replacement but an enhancement.
While larger banks top the list of financial institutions that have trimmed their physical presences in 2023 , banks big and small are closing branches to reduce expenses and reinvest some of the resulting savings in their digital capabilities.
Bank tellers can make decent money, though there may be other jobs that require the same level of experience and education but pay more. However, hard-working bank tellers can often move up within the company and command better salaries.
The disadvantages of being a bank teller include stress, pressure and the risk of getting fired from their jobs even for minor cash discrepancies.
It remains unclear whether traditional banking will become extinct soon; however, what is certain is that its role will continue to evolve if it is going to survive in this ever-changing landscape of finance.
What do you call a bank teller now?
Also called: Bank Teller, Financial Services Representative (FSR), Member Services Representative, Teller. What they do: Receive and pay out money. Keep records of money and negotiable instruments involved in a financial institution's various transactions.
A PNC spokesman tells WTAE Channel 4 Action News that none of those tellers will lose their jobs -- they'll be moved to other bank positions at the 2,700 branches across 19 states. The branches will have concierge desks, directing you to financial consultants. You'll use enhanced ATMs for check and cash transactions.
As banking revenues have declined globally, hiring and training budgets are under pressure and banks are increasingly relying on outsourcing to train new analysts. Attracting diverse talent has also become a major priority, but banks still have a long way to go.
- Treasury analyst.
- Internal auditor.
- Junior foreign exchange trader.
- Credit analyst.
- Banking consultant.
- Financial manager.
- Investment banking analyst.
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