Technology versus Teller: An Economic Analysis of Automation Disruption in Banking Sector

Abstract

For decades technology in the workforce has led to greater efficiency and prosperity. I will discuss the economic disruption of automation in the workforce. Specifically, its effect on the bank teller. My microeconomics approach into this concept gives an in-depth analysis of the technological implications for tellers. Current research indicates that automation is taking our jobs making bank tellers among the first to be unemployed. I find that automation can substitute and complement a teller. Automation can be cost saving, costly, and aid in retail banking business expansion. Consumer behavior ultimately influences business decision-making strategies on teller's role. The bank teller will cease to exist due to the automation of tasks in banking.