How Roles Have Been Reversed

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Over the past years, we saw a shift in how banking is done. Today banking does not necessarily mean involving the bank in the old sense of the word.

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Those Old Days

If you're not 16 or younger, you can still remember those days in which you had to go to the bank, stay in line, wait for your turn to speak to the clerk, then stay in another line to deposit or withdraw cash.

Bank jobs have been among the most well paid ones for years, even low level positions, like cashiers have been paid much more than in other sectors.

When I started my university studies, I had a classmate, a bank cashier who was earning at least four times as me back then. Let's call her Olivia. She was forced by the bank to continue her studies as her position was at risk. Her high school diploma wasn't enough anymore, even cashiers needed an university degree.

Olivia has been struggling with courses, studying was not her strong suit, I've dragged her through the first semester, trying to convince her not to quit but without her cooperation there was little I could do. So she quit after the first semester, saying she'd better use the tuition fee to pay for a new fence around the house. Not long after she quit university, hiring requirements changed, front desk workers and ATMs could do the job, banks no longer needed cashiers, so Olivia lost her job.

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Banking Now

Fast forward, look at where we are now. I can open a bank account without going to the bank. My identity can be verified through a video call, I can send a copy of my ID, so I can have my account open in 10 minutes. Having the mobile banking app on my phone lets me transfer my assets from one bank to another, make deposits, pay bills etc.

In case cash is involved, I can go to the nearest ATM, deposit my cash, and that goes for companies as well. Anyone with a company bank card can deposit any amount at any time of the day (24/7) at the nearest ATM, no need to wait for the bank to open or rush to the bank before closing hours, stay in line and wait for the cashier to count your bag of money.

Basically I and anyone else can do the cashiers job now, Olivia is not needed anymore. We're the bankers, the cashiers now. Olivia would have had a chance to advance and take another position, but without proper education it was not possible.

Loss Of Jobs And Reality

Loss of jobs due to technological development is a real thing, many are affected by it. I'm pretty sure it's been hard for Olivia too, losing a very well paid job all of a sudden can't be easy, although she knew very well it's coming and had a choice. However, let's get real and look at what's happening now.

With credit/debit cards, online payments and mobile banking, we are no longer forced to waste time at the bank, or wait till an order is executed. Things are happening instantly, I can transfer any amount of money to the other end of the world in a minute or maybe even faster. My buying order can be processed and shipped in an hour as there's no need to wait for the payment anymore, it can be done instantly.

You can go to the supermarket and be your own cashier, scan and weigh your products and pay for them yourself, without needing a cashier.

In retrospect, these jobs have disappeared as there is no need for them anymore. It's not cruelty, not discrimination, these have literally no use anymore. This has been a natural process, technology allows us to have better services and this is not even a luxury, but a necessity.

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Crypto

Above you can see the 1h chart of BTC. It's a historical day today as BTC has managed to break $50,000 for the first time, after being below $48,800 just an hour ago. Time is of the essence in the crypto world, there are unique opportunities you miss and can never have it again. With institutions participating in the game, large orders are executed that can change the market instantly.

In these times it's essential to be in control of your finances and not depend on third parties that can make your success impossible.

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18 comments
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Exactly, we have the power of our own financial system. Crypto being a good accelerator for this.

Jobs will become obsolete and this is a good thing, as technology is advancing. If we would not advance, we would had the communication done by horse pulled wagon.

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Tell that to those who are always whining about this, even here on Leo :)

I'm always asking them if they want to go back to staying in line for 20 minutes again, to take care of some business at the bank :)

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I think old and traditional banks will dissapear we will be our own bank. We can lend money between us directly and earn a good amount of interests.

I use both traditional and digital bank and everything is much easier on the digital bank. Also, it feels like traditional bank is spying on me because I was sending money to my Coinbase account and suddenly transfers got blocked.

Then I started to use Revolut for the same purpose and my debit card was blocked too, but only in Revolut. Now, I’m using instant transfer to send money to Revolut but probably will get blocked too.

I hope traditional banks dissapear, or at least, they are burying themselves.

If Olivia had invsted in Bitcoin...

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I think old and traditional banks will dissapear we will be our own bank. We can lend money between us directly and earn a good amount of interests.

We already are our own bank here on Hive blockchain.

Holy heaven, what country are you living in, if I can ask? That is terrible.

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Everything it seems is changing faster and faster. I rather like paying my bills and banking from home. So I am glad to be able to take care of my banking needs myself.

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Same here. I don't see why we should waste time with paying bills at different offices when it can be done in 2 minutes from home, not to mention the speed they can receive the payments.

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(Edited)

the sad thing about all this is that while many jobs are lost due to tech advancement not so many new ones arise...

also did Olivia build a new fence? :P

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Banks have never valued staff and have always been looking to cut costs. I remember hearing the story of a bank manager let go because he had turned 60 and it was cheaper to get rid of him then than take him to full retirement age with a full pension. This was not a once off either as it was a known thing back then. I hate what banks stand for and will support a bank that keeps their staff and doesn't go fully automated.

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Banks have never valued staff and have always been looking to cut costs.

I have a very different opinion on that but I guess all comes down to where you live.

Th pension system is not the same everywhere though.

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but if someone doesn't feel good about adapting to this new digital economy and is still tied to an obsolete traditional economy they can think about working in ATM repair or something else that involves repairing everything that has been automated because one way or another it will need maintenance AND those jobs will be in high demand.

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In theory it is possible, in reality it's less likely. A good part of bank workers are women (don't ask me why), so they are less likely to qualify for a technical job like ATM maintenance, not to mention they need training.

The other reason is CBDC is coming soon, in a few years cash ATMs will be of no use as use of cash is going to be little or non existent.

However, banks will still exists and even though things will be more and more automated, human personnel is still needed but with a different mindset, training, qualification. She could have gotten a better job in time, after finishing university, but she had other priorities and was not interested in evolving professionally. Too bad.

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