Will the bank remove employees in the near future?

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It’s tough to answer but let me guess, assume and analyze data over the years and the result is maybe, 67% chances incline to removal. But don’t worry if you are really determined enough then read below to minimize the risk of your career.

Have you wondered why banks are removing employees as the years pass by?

Guess? Yes if you guessed something about ATMs and absolutely computers.

In the 90s, computers were not, as usual, we do now. Even it was absolutely correct but no one considered it reliable.

Mainly due to its cost along with maintenance. However, their use was limited.

Since then, when modern computers were invented, it created a craze among personal computers but the government too decided to automate the system to reduce costs.

Nevertheless, I won’t come into politics, but the Indian government first refused to accept the computer, as it may take away many people’s jobs, but it resulted to provide more jobs.

You may be reading this on Mobile or Computer, but mobile too played a major role in this.

After the revolution of the Asian countries the huge mobiles market busted the birth of mobile banking.

According to sources Barclays bank first introduced the ATM which really helped people around the globe. Note, it is also one of the other reasons behind this.

So What technology actually came that really trembled the banking industry.

That is, Softwares and AI

The new era of banking.

So the software you use is not used in banks, custom programs are made specifically for that task to perform.

Many Fintech companies are using AI in their software to decide how much loans to be provided to a person or an organization.

Amazed right. ?

This is nothing just get going with me can make you feel awesome.

Now, can you figure out something?

Leading technologies that banks are investing heavily in?

The Citigroup past CEO who mentioned that even 30% of job vacancies can be filled by these technologies in the coming years.

It might take 2030 but banks will do so.

The leading technologies are:-

AI (artificial intelligence) – This is something every sector is making use of to automate systems in every sector. Today Netflix too using to detect its user’s anomalous behavior to protect its user.

Mobile Banking – This technology boomed from 2016 and tends to rise up because of the maximum user base on mobiles. Banks saw growth over the past couple of years due to their apps services. SBI uses yono for exclusively mobile users.

Wearable – It might be forgotten that wearable had faded out but it isn’t so the banks will send notification and even for authentication.

ATM’s – This technology is already familiar with you, but do you know about contactless transactions? Yes, it’s also coming to facilitate and secure your banks with facial and biometric authentication.

How banks earn money?

It’s simple as it may not be seen, like

When you deposit some amount of money, you get a small return, right?

That they invest in giving loans to the individuals or an organization for its need at high-interest rates.

However, this sometimes goes wrong you saw the case ith PNB that shook the nation, was an example of no-researched loan sanction. It even affected India’s economy greatly.

Then there are Credit cards, insurance and other services that they charge extra.

These processes run a bank.

Sometimes, I think banking is the best example of Gambling right! Let me know what you think in the comment box.

Where banks spend their money?

First of all, remember every institution or an organization even an individual requires money. So banks re privates even the government’s ones as all works on people’s money.

So let us analyze where banks spend their money:-

  • Staff’s salary
  • Maintenance
  • Branch accessory
  • Land for making the building
  • ATM’s
  • Online servers
  • International partnerships
  • Legal Formalities

and many others.

Why are banks adopting these technologies?

Do you know, Warren Buffet once said: “Banking is very good business if you don’t do anything dumb“.

Actually it seems, the banks don’t follow or want to change something.

Even banks may be profitable but when you get a 10% return while having employees so would you like to profit 30% using technology?

Yes, a bank needs money so it may go anywhere without thinking about its employees.

Actually, adopting technology might result in the removal of employees but can make a bank profitable more than 30% (est.).

Think about a bank need to pay at least 15,000 to its employees to any extent.

The technologies would cut the cost of the employees.

Which positions of bank employees at risk?

Fist of all we should first learn how many positions are there in a bank for employees:-

  • Analyst
  • Auditor
  • Branch manager
  • Bank teller
  • Loan issuer
  • Treasurers
  • Chief executive officer
  • Chief Manager
  • President
  • Sales Manager
  • Phone banking Manager
  • HR Manager
  • Assistant General Manager
  • Clerk
  • Credit Analyst
  • Relationship Manager

So now let me discuss much more about the positions that are near to ending.

  • Clerk:- Positions that include that are mended for helping the working officers alongwith the manager. The clerk needs to assure that he/she should also have sound knowledge of maths and computers. As data entry is needed to be performed by the clerk if needed. Even in some banks clerks are required to manage the deposits and withdrawals n bank. Basically clerk has many divisions too like account clerks, credit clerks, etc. By the way, the clerk’s jobs will not completely vanish but will be decreased by 2030.
  • Loan Issuer:– A loan issuer officer is a person responsible for issuing loans from a bank which may turn a bit risky. The officer is expected to check the assets of the client persuading for taking up a loan. The officer first verifies the documents provided by the client, then revisits the property. Later, analyses and decides whether the client is cable of repaying the loan back to the bank. There are even various types of loan officers like Mortage and commercial loan officers too. Lastly, the loan issuer’s jobs in danger as they are unable to decide the right amount for the loan and ultimately bank faces the losses. So some fintech startups are raising which helps banks to decide the best amount to give to a client using AI.
  • Credit Analyst:– A Credit Analyst is responsible for proving loans too by using the credit score if he/she has a credit card. Do you know one thing about Credit Cards? The amount you spend using credit cards, the faster you repay increases your credit score that shows that you are good at repaying the debt. Banks even check these significant facts to determine whether to provide you a loan or not. If your credit score is low, then the bank can even deny you to provide a loan. Now here, credit scores can be determined using the technology nowadays, even the system itself rates the user based on their scores. This might affect the jobs of Credit Analyst’s so that the bank could save some bucks on it.
  • Auditor:– The auditor is responsible for checking the accurate financial records alongwith the taxes paid. They are the core members who run an institute efficiently. Their core job is to maintain which is currently handled by the software and as always the banks are investing heavily in AI and machine learning, they are making sure the bank’s members learn to operate atleast in a simple stage. Lastly, the auditor’s jobs may remain but might reduce to a half.

What returns would these technologies will give to banks?

Fortunately, too much let me tell you.-

  • The machines and software can work 24 x 7.
  • No extra money is spent other than maintenance.
  • Decreased numbers of employees can turn banks more profitable.
  • Banks could grow at a much higher rate than before.
  • Risk is less in terms of the loan.

When could you see these technologies turn reality?

Actually banks already implemented its infrastructure like its online presence.

However, these technologies might get into effect before 2030.

How can you survive in the ecosystem?

These advices might help if you really want to be a bank employee. These might help you but can’t make you guaranteed results.


  • Learning basic along with medium based computer knowledge can pull you inside this sector in the near future.
  • Building good relations can be an extra benefit for you.
  • Learning extra languages might help you too.
  • Nowadays the internet has everything so you might learn, how to serve the customers alongwith the officers who are working in that environment can teach you before you can go for an interview.
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