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Are you in Banking and Do You Know How You Will Be Impacted?

Being a “recovered” banker, here’s my question for this video.  If you’re in banking or other related fields, have you thought about what would happen if your position was “repurposed” and suddenly you’re out of work!

This article which includes an audio recording from the Retail Banking Network.  It’s by Jon Voorhees of Peak Performance Group and formerly the head of Distribution Strategy at BofA. 

Go to the audio link:

The three key takeaways that I thought were worth a mention here were:

  • Bank branches are significantly changing in shape and form. For example, PNC has the “Tiny Branch” which travels around a specific area of their footprint and BofA has mobile branches to give cash where needed… think disaster areas.  But the common belief is that it’s possible to close branches with less than 5% attrition because customers use multiple branch locations. 
  • There will be platform changes. Where the teller line was formerly 50 -60% of the lobby, the evolution will favor financial advisory offices with smaller teller lines and/or a bank of ATM’s.  The branch will be more of a customer care center with less transactions handled by lobby staff.
  • On the humanoid side, robotics are really becoming part of the landscape in Europe. HDFC in India has a completely mobile bank and Dubai has its dancing banking robot!!  Currently, BofA and Capital One moving diligently into delivering robot services.  It’s only a matter of time.  The audio explains this upcoming technology revolution far better than I. 

So, here’s my thought – if you’re currently working in the financial services arena, you might want to think about a plan “B”?  You’ve got a choice.  You’re either going to have to up your skill levels, which may or may not be of interest or you’ll need to look for something else.  Whatever you decide, you don’t want to be someone whose job was “repurposed” and you are no longer qualified. 

Message me and I’ll see if I can help you make your current job an option.  

Journey Well.

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