May I Take Your Order Please: Automation and the Future of Bank Jobs

by Nik Wahlberg | September 4 2017

Deutsche Bank’s CEO John Cryan said in an interview that a “big number” of jobs in his institution will be replaced by technology and robots. Deutsche Bank employs around 100,000 people around the world. Is this the beginning of a new trend? Are the days of human bank tellers and branch employees numbered? Has the Jetson’s era finally arrived? Not really, but an evolution is underway.

For some financial institutions, the days of manual processes in banking may be numbered. Technological advancements and automation will replace many of those. This transition is not limited to the banking sector. However, the increased usage of remote deposit capture, smart ATMs and continued advancements in peer-to-peer payments like what is available in the iPhone X, there will continue to be less need for some roles inside of banks.

Community banks and credit unions should be evolving and re-training and re-allocating staff headcount to help in the adjustment. The shift should be in focus toward being a boutique financial services institution. How can you help your customers manage their money? Prepare for large life events and purchases? Pay down debt? How can customers use all your automation and tools that are available to them? The shift to being a “partner” or trusted professional in these ways should deepen the relationships between you and your customers. This should help maintain long-term relationships and open additional share-of-wallet opportunities.

Larger institutions may see some staff replaced by technology and efficiencies as the need for human intervention lessens, but there are not many the size of Deutsche Bank. The rest can start to adapt to train and put people in the places where interaction and relationships can matter most.

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