Over the past month, Bank of America Corp has opened three completely automated branches without employees. In these branches, customers can do video conference with employees and use ATMs and other facilities.
As per media reports, Bank of America will open 50 to 60 branches over next year while closing the equal number. In 2016, it opened 31 new branches.
Even as it opens new branches, Bank of America, like other banks in US, is targeting to downsize to meet costs. The new branches that have been opened are much smaller and have inducted more technology. They are designed to sell credit cards, auto loans, mortgages and perform simple transactions such as cashing checks.
By the end of 2010, Bank of America had 5,900 financial centers, in the fourth quarter of 2015 it had 4,726 centers and at the end of the fourth quarter of 2016 it had 4,579 financial centers.
Recent report by ManpowerGroup, one of the world's largest jobs companies, stated that technological revolution will change employment market forever.
Report titled ‘The Skills Revolution” released its output after surveying more than 18,000 employers across 43 countries and six industry sectors. For more info, read report.
For more info on automation read people matters page .