Because the vast amount of money in society is now digital money (digital transactions mainly using cards and online payments), banks no longer need any employees to handle monetary transactions at all. Plus, even for the transactions that are required to deal with cash, machines can be used to convert them into digital transactions, and (if necessary) output them as cash the other end of the transaction. So there you have it, a COMPLETELY AUTOMATED system, and YES you read that right, NO BANK STAFF REQUIRED WHATSOEVER to carry out daily monetary transactions in the future. To think that when I was a young adult my Mum kept telling me that a bank job was a safe long-term stable job that would see me into my retirement -bless her!
So OK, they need bank staff, to persuade customers to bank with them?. And of course, how else could they justify their (often exorbitant) bank charges. But this article is about the DIRECT activities of banking, so anyone interested in opening a new bank with zero employees please feel free to contact me :). So now we've moved on from ATM's (Automated Teller Machines), to ABM's (Automated Banking Machines)
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