RISK PROBABILITY BASED ON THE SEMINAL FREY AND OSBORNE STUDY
PROFESSIONAL GROUP CHARACTERISTICS AND SIMILAR OCCUPATIONS
Tellers, Money Collectors and Related Clerks
Tellers, money collectors and related clerks perform money-handling operations in establishments relating to banking, postal services, betting or gambling, pawning and debt collecting (ILO, 2018).
- Bank Tellers and Related Clerks
- Bookmakers, Croupiers and Related Gaming Workers
- Pawnbrokers and Money-lenders
- Debt Collectors and Related Workers
- Money changer
- Post office counter clerk
A number of early introduced technologies, like credit cards, automatic tellers, and more recently online banking, paying platforms (PayPal, Apple Pay and Square) and smartphones has created a cheap substitute for the job of the teller in banks, with the remaining ones caring for older non tech savvy generations, opening more branches that bring services to remote places, as well as focusing on developing personal relationships that would distinguish them from other banks.
The advantage of human bank tellers lies within the scope of effective communication, which can reveal need of the client for additional bank services (i.e. up-selling), like mortgages, investments, insurance etc.
A new wave of Automated Teller Machines (ATM) with larger, digitally enabled screens akin to tablets will start to become the norm, offering almost all of the services human tellers now provide as well as new capabilities like setting up cash withdrawals on your phone that you can seamlessly complete at a nearby ATM. Transactions through human teller will continue to wane, as check cashing and most other services that required face-to-face contact will soon be available via ATM.
Bank-teller is a job under threat also because of the SmartPhones. Smartphones are streamlining a wide range of banking services, and more transactions are now made without cash and through the Internet Banking. So for example, from 2009 the number of bank branches in the US has started to decline, reducing jobs for tellers as well.
Deutsche Bank, one of the world’s global banks and the biggest in Europe has decided to cut its staff by 30 – 40% without improving quality of service by embrace automated technologies at par with their competitors.