Technology Shrinks US Banking Jobs

It wasn’t so long ago that if someone wanted to withdraw money from a bank account or transfer funds, there was but one option — go to the bank and stand in line to see a teller.

Consumer banking options widened in the 1970s when ATMs made their debut. After ATMs came telephone banking, and then the Internet, which allowed consumers to perform almost every account transfer procedure without ever talking to a person.

The busy bank lobby became a quieter place, and long lines for tellers became a fading memory.

And while some people still prefer to bank in person, the rise in the number of people choosing not to trek into the bank lobby has resulted in the hiring of fewer tellers. Add wireless banking, done over the Internet through cell phones, and tellers might soon become an endangered species.

There are no hard numbers that detail the demise of bank tellers, and no one has made an effort to conduct a survey, but some statistics do point to a decline in the profession.

Retail banking jobs, most of which are teller or phone customer service positions, represent about 25 percent of all banking jobs. Less than 15 years ago, retail banking jobs represented nearly half the banking world’s work force.

In 1993, banks that had assets of at least $300 million averaged 35 employees, and 15.5 of those positions were tellers. Banks with assets between $300 million and $900 million had an average of 229 employees, and 102 were teller positions. In 2006, retail banking positions were estimated to account for only one of every four banking jobs, according to the American Bankers Association.

While it’s clear that the number of tellers has been decreasing, most bankers agree that the position will never completely fade away, and many say that branch banking might be responsible for keeping tellers in the lobbies.