Are Banking Careers Actually Over?

The times are changing, and so too is the way we use certain services. For example, malls are seeing far less traffic than ever due to an increasing number of online retailers. Why waste gas and time heading to a few different shops when you can get the same thing over the computer? The world is changing.

The same can be said in the banking industry. From personal to investment banking, online applications and websites now make it easier than ever to bank from the comfort of your own home.

With all of the advancements in technology, the future of banking careers is being put into question – and probably for good reason. We’re here to give you both sides of the argument, as well as our expert advice so that you know what to expect for the future of the banking industry.

Some say they are over

And maybe they’re right. After all, research shows that traffic in bank branches will decrease 36% between 2017 and 2022. That’s an average of 6% per year, which is a significant decrease that will no doubt be noticed by branch managers. It could be possible that the decrease in customers will lead to a decreased demand for bankers, thus minimizing careers.

There’s also the fact that many banking jobs require less-skilled workers, which is why automation is inevitable. Many experts say that there are too many steps in the chain, deeming some jobs unnecessary. Instead of a diverse branch full of experts in different banking sectors, the future of bank branches, according to some, might see only a handful of experts who are technologically skilled.

Some say they aren’t over

And there’s a great chance that they’re right. After all, banks are one of the most important institutions in the world. It would make sense that jobs within these established institutions aren’t going anywhere. From tellers to loan officers to regulators, there are quite a few banking careers that can’t be automated.

Even with automation, many experts think jobs will only increase, despite the inevitable decrease in branch traffic. Banks can afford to bring on technologically-savvy employees to improve their applications and automation process, all while keeping those employees who butter their bread working in the branch.

Here’s what we say

I talked to the recruiters on our banking team, and they believe that the future of banking will continue to produce great careers.

Krista, who recruits in the Western Washington region, stated that “people trust people more than they trust automation.” When things go array, or when an important decision needs to be made, customers want to talk in-person. They don’t want to talk to a machine or find the answers online. When it comes to their money, people want to trust their information.

Mike, who recruits in Texas, also believes that banking careers will advance. He stated, “Whenever there’s change there’s always growth.” Regardless of automation, change will bring growth and new opportunity for a successful career in the banking industry.

Tracy, a recruiter in California, believes the same thing that Krista does. “People like to deal with people. Sure, there might be situations where automation is necessary. However, when it comes to trusting a bank with millions of dollars, you’re going to want to look someone in the eye and know your money is safe with them.” Automation may help, but people matter more.

With so many factors playing into the future on banking jobs, we can’t fully predict what will happen. What we can predict, however, is that when it comes to trust, human interaction is much more valuable than technology. Until that changes, banking careers should continue to be successful.