Bank Jobs in Danger? Era of Robot Banking has Begun Already

China Construction Bank launched “world’s first human free branch”. There is a robot in the bank, who can chat with customers. Not only chatting, but also accept bank cards and check accounts as well. Such replacement of humans with robot might not be exhilarating news for the masses in bank jobs.

This is certainly important news breaking the internet. If we talk about change, we know that it is permanent. Change has not only affected one segment but the segments of today’s world.

According to Jack Welch, “if the rate of change of outside factors exceeds the rate of change of inside factors, the end is nearer”

Robots in China

Economies in China are already taken over by technology. There is a growing number of robot workers there. They have devised a machine that can chat with customers, accept bank cards and check account informations. They named it “Little dragon”. Robots in China are handling numerous aspects of everyday life in China. Furthermore:

• They have been deployed in train platforms for improvised security.
• Robots are used to cook food in industrial kitchens.
• Robot waiters are the sensational style for a number of years.

Beijing’s Robotic industry plans a 5 year plan for production of at least 100,000 robots by 2020. Moreover, China is already a main leader Robots industry. This production is not only fatal to restriction of human employment in China, but to the whole world. There is a constant threat to the skilled labor of the world, as the future world is going to sacrifice quality for quantity.

Future Of Bank Jobs

The future of jobs, in a broader term, as it provides an entire change in the job market in India in coming years. Due to a drastic change in globalization, demographics, and industry, the whole scenario of the job in India is going to be revamped. Majority of the economists in India believe that the demographic changes have got the most influence on jobs. Its effects on IT/ITES, retail and financial services are fragmented. Their local business models will be experiencing a significant change, especially in sectors like apparel, textile and leather.

The Future of Jobs by World Economic Forum predicts 5 million jobs going robots and AI by 2020. Women lose out more https://t.co/oUA9CFw5X5

— Michelle Dickinson (@medickinson) January 18, 2016

According to the report of World Economic Forum, “Future of Jobs in 2026”, global trends on technology are changing massively, and their impact on production, consumption and employment are also revamping. There have been projected numbers of loss of jobs in India. The two key factors on which the nation is being challenged are:

• 17 million new entrants into the workforce annually, against 5.5 million jobs created.
• Speed and scale at which this disintegration is occurring with a same or even faster pace, holds an influence on the way we work and live.

The impact of technologies in India has been quite prominent in the financial and IT sectors of India, and it did not disrupt our way of living. This transition is further seen through the typewriters replaced by computers and landlines replaced by mobile phones.

Future of Bank Jobs in India

India needs to be fully prepared itself to fully realize the technological advancements. It needs to transform an exceptional demand of educational system being integrated with technological transformations. India’s job landscape is experiencing a massive declining trend in India’s core sectors and coexistence emergence of new job engines. Increase in infrastructure and construction is mainly required to be driven by government spending. It also requires revamping of self-employment models and transformation of job in the country.

Key determinants of future of jobs in India in 2022 are:

• Level of FDI flow
• Influence of exponential technologies on offshoring
• Fluctuation of overseas job opportunities for Indian labor force
• Speed of embracing new technologies
• Environmental sustainability demand
• Emergence of middle class population in increased number

Citibank and SBI are experimenting on launching human less digital banking experience on a mall. They have found it ideal for such automated branches because of having large number of footfalls and affluent young crowd with huge purchasing power. This is a signal of Danger for the future of Bank Jobs in India.

The government of India and SBI are already taking many proactive in implementation of establishing Skill India, investing in manpower related infrastructure in building / construction sector, effectuating entrepreneurship startups and models, to cater this threat of human free branches and hence, to improve employment situation in the country.