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alexbelov

Bank layoffs are coming due to Uberisation of the industry - Business Insider - 2 views

uk.businessinsider.com/bank-layoffs-are-coming-2016-3

Social economy banking automation bank layoffs

shared by alexbelov on 01 Apr 16 - No Cached
  • Banks are quickly approaching their "automation tipping point," and they could soon reduce headcount by as much as 30%.
  • "Banks' Uber moment will mean a disintermediation of bank branches rather than the banks themselves
  • it will mean the shift to mobile distribution being the main channel of interaction between customers and the bank
  • ...2 more annotations...
  • The job cuts Citi is describing would add up to more than 1.8 million job losses from current levels in the banking sector in the US and Europe over the next 10 years.
  • As more transactions are automated and done on a mobile phone, we believe there will be a rebalancing of staff from transaction-based roles to advisory-based roles
  • alexbelov on 01 Apr 16
     
    Clients do transactions using their mobile phones now which allows banks to massively reduce their staff.
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