Bank Tellers Likely to Lose Their Jobs Soon

Banks may scrap the jobs of bank tellers as they rejig their business model in line with new technological changes, according to Uche Olowu, President, Chartered Institute of Bankers of Nigeria (CIBN).

The CIBN President said this during the 2019 Graduate Induction/ Prize Awards of the institute held in Lagos recently, he added that the business model of today’s banks is being challenged.

The CIBN President, who spoke on the theme: Repositioning for Relevance in a Competitive Environment, disclosed that Artificial Intelligence and Robotics are changing the game in customer relationships and front office operations.

He said the jobs previously reserved for officers such as tellers may become obsolete adding that in the next two to three years, machines will be capable of performing approximately 30% of the work currently done at banks.

He said in recent years, banks have gone from investing in bank branches or other brick and mortar establishments to greater investments in financial technology (FinTech) and the relevant specialised human capital.