The Future of Banking?

By William D. Lugar

           I leave the title ambiguous, and open with a question mark, because quite frankly from the time I’ve started up until now in the banking industry, it’s quite common for banks to change their policies and procedures daily. It’s jokes like that I would with colleagues talk about, and example would be today’s policy I have to cross all these t’s, but dot zero I’s, but when tomorrow came around, the t’s no longer needed to be crossed, and I’s certainly, needed to be dotted, and then the following day you cross your t’s and dot your I’s, with no questions asked.

           Now to the main course of this essay that you are more interested, I cannot speak for all banks, but it seems from some advertisements such as the Capital One Cafés, banks are changing. I have heard that in the industry, that the teller line would be completely abolished, or removed if you will, not saying it will happen overnight, but the goal if I have heard and followed right is that there would be either one standalone teller, and the rest of the tellers are “universal bankers,” able to take deposits, withdrawals, currency exchange, payments, to opening a checking account, a savings account, a credit card, a personal loan, etc. etc., inside the bankers office, sitting down.

           This seems a bit far-fetched to many of those who are used to the old teller line, but with the fact, there are mobile apps, where people can take pictures of their checks, they can instantly deposit it, and of course ATMs where people can deposit and withdraw money at their own convenience it’s no wonder that the teller position could be dare I say combined with a banker’s role to make a more cross trained and skilled individual. 

           Now if teller less banks throw the reader off, this was what really threw myself as the author off after hearing this. Some of the banks are proposing on going “cashless,” not carrying cash in the branch, while though it would keep a bank safe from potential robbers, trying to take money from the bank, it does seem even more bizarre than of no tellers. Seeing that would just leave bankers to open bank accounts, and the withdrawals would end up being from the ATMs, as well as the deposits. Unless the deposits of course were check deposits. This would basically leave the responsibility of bankers handling account openings, customer service calls, disputes, and other issues in which a banker handles.

           I’d love for you to share your thoughts if you are a current bank customer is this true for you anywhere? From my working experience I’ve been in branches where there are no longer teller lines per say, and we are seated doing teller transactions, as in we’re universal bankers, I myself enjoy it, I don’t know how customers however feel about it, but it is quite a different view, you can be more relaxed. I hope you are enjoying my essays about my new found love of the banking industry. Love to hear comments down below.