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re: 30% of Banking Jobs will Disappear in the next 5 years
Posted on 9/14/17 at 8:28 am to deeprig9
Posted on 9/14/17 at 8:28 am to deeprig9
Been happening for a while now at Chase. They don't have tellers at the counter when you go inside anymore...replaced with upgraded ATM's that do more functions and allow bigger withdrawls than the regular ATM's.
0
Posted on 9/14/17 at 8:33 am to TH03
quote:
Call me when a computer can build and maintain personal relationships with buyers to increase POs.
They don't have to take all the jobs to turn society on it's head. Also, what if letting AI make purchases proves to be cheaper? The 2 experimental AI bots that facebook shut down because they developed their own language were tasked with procurement. When that tech matures your buyers become computer algorithms that can't be influenced by charismatic salesmen. Your currently valuable skill becomes much less valuable, or at least there are a lot fewer situations where you're able to get value from it.
Posted on 9/14/17 at 8:33 am to deeprig9
Not to mention as the baby boomers die off, traffic will decrease significantly.
Most people under 50 just do mobile banking. My parents still go to a brick and mortar bank to deposit and withdraw money.
Most people under 50 just do mobile banking. My parents still go to a brick and mortar bank to deposit and withdraw money.
Posted on 9/14/17 at 8:38 am to deeprig9
Have a family member that is a bank exec and has said the exact same thing. Bad industry to be in.
Posted on 9/14/17 at 8:42 am to deeprig9
quote:
According to ex-Citi CEO on Bloomberg TV.
Mostly back-office jobs.
Due to technology.
"experts" have been saying this for 30 years. Somehow these financial institutions still find a way to employ people.
quote:
White collar jobs taken by H1B.
End this program already. It is abused by employers to farm cheap labor.
Posted on 9/14/17 at 8:46 am to Sweltering Chill
quote:
Letting someone choose their own path is always the right answer ... if you 'push' a child into anything, you are asking for trouble.
What if they aspire to be a crack head?
Posted on 9/14/17 at 8:49 am to buckeye_vol
quote:
According to the most recent employment figures from the the Bureau of Labor Statistics, commercial banking actually added about 10,000 jobs year over year. And financial activities across the board added 150,000 jobs.
Now all of a sudden they are going to start shedding almost 7% of these jobs on average over the next 5 years, as a natural trend--rather than a severe recession or something?
Exactly. Banking has actually been a famous example of why these fears are typically overblown. ATMs have existed for decades, yet the number of bank tellers over that time frame has actually increased. MIT study
The arrogance in this thread is out of control. People see things and think they can make sweeping assumptions and generalizations. But automation has been occurring with vigor for the past decade, yet the labor market is very tight. Why?
Posted on 9/14/17 at 8:49 am to TigerinATL
Independent accounts don't have the money for that 
Wal-Mart and specs do, but they still need people to come in to service the accounts. Beer guys, Frito lay, come, etc all have reps and merchandisers come in even though Wal-Mart and specs order it automatically off register rings and scanned inventory.
Wal-Mart and specs do, but they still need people to come in to service the accounts. Beer guys, Frito lay, come, etc all have reps and merchandisers come in even though Wal-Mart and specs order it automatically off register rings and scanned inventory.
Posted on 9/14/17 at 8:57 am to TH03
I've been in the business world for a while, and banking the last 5+ years. The trend is consolidating branches, less face to face employees. More automation. But as long as people have a need to access credit, banking will exist. And as long as there are tons of regulations, there will be tons of bank employees. Sure it might shift from sales to compliance, regulatory, internal audit, IT, etc but there will still be jobs.
Posted on 9/14/17 at 9:00 am to deeprig9
quote:
As a parent of a young child, do you push them into engineering? Because now engineers are coming out of India. Do you push the child into military? What do you push them into? Let them choose their own path?
Let them do what they want, but obviously there will be strong demand in fields that build/service automated tech.
The other areas that are relatively secure are client-facing positions, for the most part. Companies will adopt automated tech, but that doesn't mean their clients want to deal with it. Hell, go to a store with automated check out lanes and see how many people still use the traditional cashier lines despite the wait.
If your child wants to truly eliminate the risk that automation will bring to their career, he or she should become a fishing/hunting guide.
Posted on 9/14/17 at 9:05 am to slackster
quote:
Let them do what they want, but obviously there will be strong demand in fields that build/service automated tech.
The other areas that are relatively secure are client-facing positions, for the most part. Companies will adopt automated tech, but that doesn't mean their clients want to deal with it. Hell, go to a store with automated check out lanes and see how many people still use the traditional cashier lines despite the wait.
If your child wants to truly eliminate the risk that automation will bring to their career, he or she should become a fishing/hunting guide.
I would suggest all OT parents whose kids have any kind of legitimate critical thinking skills learn a computer language instead of actual linguistics.
Being able to write and decipher code, while also producing temporary to permanent workarounds is highly sought after right now.
Obviously that's an opinion, but I believe learning C+ / Java / Ruby / Python will be more important than learning Spanish or German.
I am literally sitting with someone from Poland working on Telco project as I type this. I don't speak Polish, but he sure as heck speaks English. We're currently training techs on said new project.
Posted on 9/14/17 at 9:09 am to TH03
quote:
Independent accounts don't have the money for that
It's amazing what cloud software has done. 20 years ago even small businesses needed at least a part time book keeper and IT guy to enter data and manage computers and software just to do things like pay bills and pay employees. Now for like $50-$100 a month you can use cloud based software that would let you bypass needing the IT guy and reduces the amount of specialized book keeper hours you'd need to manage your business. If AI purchasing becomes a thing, cheap cloud purchasing agents aimed at small businesses will become a thing too.
And I'm not saying all the sales jobs will go away, but what if 40% of them go away? If you weren't in the top 60% of salesman you now don't have a job and it will even be very hard to change careers. What's so disruptive about what's coming is the AI is going to hit most industries all at once. This isn't an isolated tech advance like we've seen in the past, this will be broad like the industrial revolution. Only unlike the industrial revolution where new tools helped humans be more productive, this time the tools will be more productive than the humans on their own.
I'm sure there will be new jobs and new industries created, but the change coming will be so drastic it may take generations to adjust and find how to best integrate humans with machines that are as good or better than us at so many things.
Posted on 9/14/17 at 9:12 am to TigerinATL
I'm talking about independent liquor stores that don't have a bookkeeper. Most of them don't even have POS systems and run heavily on cash. Youre telling me they're gonna go automated?
Posted on 9/14/17 at 9:26 am to TigerinATL
quote:
I'm sure there will be new jobs and new industries created, but the change coming will be so drastic it may take generations to adjust and find how to best integrate humans with machines that are as good or better than us at so many things.
The brake on this is human implementation. There is an innumerate amount of enterprises out there using outdated and/or poorly managed back office/IT systems/etc. People just instinctively apply cutting edge technologies to the economy as a whole. The market for labor and capital tends to shift much more gradually over time, as evidenced by the fact that the UE rate has consistently ticked lower for the past 7 years, and the economy has been at full employment for over a year now, all while automation has supposedly been executed at breakneck speeds.
This post was edited on 9/14/17 at 9:27 am
Posted on 9/14/17 at 9:29 am to Lou Pai
I've done 5 years worth of IT projects for a couple of very big banks.
Maybe one day this will be true, but it's not happening any time soon. It may seem on the surface that the tech is already in place and almost there but it's so far from the truth.
True story: I was on a project replacing a process where 2 people's sole job was to print out Crystal reports, hundreds of pages, and manually enter the data into Excel so someone could analyze it. First question I asked, "Why don't you export the data from Crystal to Excel?"
They didn't know it could do that.
Maybe one day this will be true, but it's not happening any time soon. It may seem on the surface that the tech is already in place and almost there but it's so far from the truth.
True story: I was on a project replacing a process where 2 people's sole job was to print out Crystal reports, hundreds of pages, and manually enter the data into Excel so someone could analyze it. First question I asked, "Why don't you export the data from Crystal to Excel?"
They didn't know it could do that.
Posted on 9/14/17 at 9:46 am to TH03
quote:
I'm talking about independent liquor stores that don't have a bookkeeper.
That doesn't mean automation can't come. We aren't moving to an automated economy as much as a self service economy. And Amazon has ambitions to get a cut of every transaction in the economy. Purchasing Whole Foods was just one step in that expansion. They're already delivering wine to individuals within an hour in some markets. The local liquor store itself is threatened and even if they stick around they might just order their stock from Amazon with an app on their phone.
Again, I'm not saying all jobs will go away, but enough of them will go away within a relatively short 5-10 year period that it will be unlike anything we've ever dealt with before and will be difficult for a lot of people to adjust to. Think Great Depression level unemployment except the economy will be more productive than ever.
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