Re: Bankless banks

As somebody who worked in a bank, I can tell you that cutting staff numbers started as soon as computers were brought in, but that is happening everywhere.
Young people will adapt to this way of banking but it will cause problems for the elderly, as they will not understand how to use the machines.
Online banking means everyone needs to have access to a pc, and I don't trust it because computer hacking is becoming more common.
The babies of today, may well grow to live in a world where cash is never used. Remember back in the 60's, when pay packets were being stopped so you all needed to have your pay put into a bank account.... that was the start of banks making sure that everybody was prepared for a world that is run by computers

Re: Bankless banks

Many elderly people are well able to use computers and bank on-line as I know for a fact.

Re: Bankless banks

But many aren't, and everybody will have to use the system.

Re: Bankless banks

I am sure this could have been said in centuries past for things we all take for granted today, including senior citizens.

Re: Bankless banks

The difference is that, in the past, there was always somebody to ask. For the last 30 years the only reason the banks had staff was because they were instructed to try and sell things like insurance, investments and pensions... to cover the additional cost of having staff until they had made everything automated.
I am talking from inside knowledge, and that is why I forced them to offer a voluntary redundancy so I could leave sooner.

Re: Bankless banks

I have some inside knowledge too, having a close relative who was a bank manager of one of the larger banks.

Re: Bankless banks

Then I think you will find that, if he was a long term manager, he would have been encouraged to leave, unless he got one of the top jobs, where they managed a group of branches, probably in the early 90's. They brought in university graduates to do the old managers jobs, because credit scoring made all the decisions on lending, so they didn't need as many qualifications or experiences.
I had a relationship with a manager of the large bank, that I worked in for 30 years, and they did offer him a top job, but he was due to retire in a few years and he could see which way banking was heading, so he also left early too.
I know very few people who now have anything good to say about banking... but it used to be a respectable occupation.

Re: Bankless banks

Not all bank managers are men!

Re: Bankless banks

Well you didn't say what sex your relative was, so I assumed it was a man. In the past there were very few female bank managers.