The U.S. Bureau of Labor Statistics projected that banks will eliminate more than 40,000 jobs in 10 years, through 2026. Yet, banks also raising the minimum wage to $15 an hour.
As the technology develops, bank tellers are increasing expected to lose their jobs to automation. Howoever, their wages have actually risen this year, as customers are increasingly using mobile phones for financial services and tellers are needed to help customers navigate these services. Tellers are taught to pitch loans, guide local entrepreneurs, and offer technical support. “They have to solve problems like my PayPal doesn’t work, or my Venmo doesn’t work, or why doesn’t Uber accept my card?’’ said Christopher Maher, chief executive officer of Ocean First Financial Corp., New Jersey’s fourth-largest lender.
As reported by Bloomberg, Ocean First, for example, created a nine-week course for staff on payment platforms to bring about 500 tellers to assist customers with financial decisions. The way bankers help others has also changed as well. Now users can experience a video teller — a remote teller that can perform services available online. Video teller machines look like ATMs — but with the option of pushing a button and connecting to a human. One teller can support up to 10 machines.
Of course, AI is just a tool, and it is essential for people to learn how to use AI for their benefit. The importance of AI applications in some key sectors such as finance and banking is the focus of Layer 7 of the AIWS 7-Layer Model.