The automation trend across the United States is being ramped up. Everything from McDonald’s installing Big Mac ATMs to Domino’s experimenting with robot deliverymen, companies all over the country, and even the world for that matter, are embracing technology, robots and automation as a way to combat growing labor costs, both for high- and low-paid positions.
The latest company to adopt automation is Bank of America, which is introducing branches without any employees inside.
Reuters is reporting that the financial institution opened up automated branches over the last 30 days, where customers use ATMs and initiate video conferences with employees at other branches. They represent roughly one-quarter of the size of traditional branches.
Bank of America has one automated branch in Denver and another one in Minneapolis.
Over the last few years, Bank of America has been slashing its total branch count in order to reduce costs. Even as the bank launches new branches, they are generally smaller, utilize more technology and sell a wide array of financial products, like credit cards, auto loans and mortgages, rather than simple banking transactions.
Perhaps this isn’t the end of bank branches after all. Instead, it is the end of human workers at these branches.
I have been doing all my banking on-line for the last 10 years.
This is not new for many with a computer at home with high speed internet. Same with my insurance needs. I just changed the credit card that pays my monthly insurance bill, it took me less than 2 minutes.