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Banking in the digital age has changed the means services are provided, and the result is altering the variety of faces you might see the next time you pop into a local branch.
Banks are staffing fewer tellers, and the trend is expected to continue downward. With more and more consumers using ATMs and online and mobile banking services, less consumers are walking with the doors of the bank and choosing to perform their home business in nontraditional means, thus lowering the demand for many teller lines.
Robert Aulebach, an executive managing branch and ATM positioning for Bank of America, said over half of their deposits are made at ATMs, not inside the bank.
‘The much better your apps are, the much better your ATMs are, the much better your online banking is, the more individuals use it,” Aulebach stated, and included, “Benefit’s still the No. 1 factor that people make use of in choosing a bank.’
ATMs with video tellers, staffed by workers in away locations are already appearing in major cities. If an ATM client needs aid, video tellers are able to provide support after regular banking hours.
Newer smartphone apps enable customers of some banks to deposit checks in addition to performing deals in methods similar to online transactions made on personal computers, and innovations are expected to continue to appear.
One downside to trend of downscaling tellers is the resulting less entry-level tasks. Teller positions traditionally have been filled by employees with only high school diplomas or partner’s degrees, making a narrow field of tasks smaller sized.
According to PayScale.com, incomes for bank tellers vary in between $17,440 to $29,396, with a median of $22,335, or a hourly rate between $8.28 to $13.25 per hour. The rate is lower than numerous other tasks which require higher education, but is generally better than lots of fast food or retail tasks pay, and offers a cleaner, more professional environment and chances for upward movement.
Some banking companies job branches staffed with only one teller each. Going forward, bank branches are anticipated to become more modern and the main personnel will be focused on loaning and offering other monetary services such as retirement choices and financial investment opportunities. To be qualified as lenders and various other financial specialists, frequently correct licensure is mandatory or a higher level of education is required.
Not everyone welcomes the changes. Elizabeth Costle, director of consumer and state affairs for the AARP’s Public Policy Institute, said numerous senior citizens aren’t comfortable with the technology or may have concerns about the security of online transactions, and stated, “I think tellers and branches are crucial.”
Costle stated adults over 60 are ‘not digital-native. There’s no question that they like handling individuals personally.”
She added banks might suffer a backlash if senior citizens are unable to rapidly meet tellers inside banks, noting, “Older people in fact have higher net worth. This is a big market for banks.”