Bank of America testing fully automated bank branches – devoid of staff #IOT #Automation

Bank of America is designing bank branches that no longer have onsite staff. Interaction with the bank will be through automated systems and ATMs – with video conferences to remotely located banking staff if you need a live person for assistance.

“We are literally automating every single thing”

Source: Bank of America says it’s testing ‘completely automated’ branches | The Charlotte Observer

Policy makers are oblivious to understanding the technology trends – and that many of their policies have the side effect of accelerating the elimination of labor with automation.

Calls for higher minimum wages and more mandated benefits increase the costs of labor to a point that automation is not only cheaper, but may even deliver improved service quality.

The transition to automation – and loss of jobs – were going to happen anyway. But policy choices have the side effect of accelerating this transition.