4 ms·
To me as someone who is in no way expert on automation or an economist but someone who knows how profit oriented big business is, especially banks, I have a que
by nintendo95 7y ago
To me as someone who is in no way expert on automation or an economist but someone who knows how profit oriented big business is, especially banks, I have a question: this looks to me like they expect so much automation happening in the future that they can afford the move? Isn't that case with McDonald's too, where they can have self-serving locations in near future, so no problem with raising minimum hourly rates?
The ATMs nowadays do so much on their own. I was taken by surprise when last time I had 5 of my checks scanned and deposited cash into my checkings by a <big bank name here> ATM recently. No human interaction what-so-ever. So I can withdraw money using ATM, I can add money using ATM, and I can cash/deposit checks using ATM. Isn't that like 99% of what their 90% customers do? Isn't that the case that in 5-10 years they will need one person on premises to handle the remaining cases? So then that person can be making 20usd/hr, why not? If they're replacing 4-5 other workers, this is savings anyway.
Of course this won't touch things like mortgages or auto-loans. For now that is...
right?
- bluetidepro 7y ago> The ATMs nowadays do so much on their own. Agreed. And ever more so, the mobile apps do a ton themselves. I absolutely love that that I can just deposit checks right from my banking mobile app, instead of having to go to the bank or an ATM.
- ghaff 7y agoThe only thing that's really new in the last 10 years (or more) though is depositing through mobile apps. I've been doing that with ATMs for a very long time. I maybe go into a bank branch once every couple of years for some reason or another. I'm always a bit floored by just how much prime retail real estate bank branches consume in a typical city. I guess it's a form of advertising. (Of course, the same thing is true of mobile phone stores.)