Banking Staff Numbers

rodento

Just wondering if an increase use of online banking will have a major impact in bank staffing numbers

-Chris-

If it's going to have an effect, I'm sure it already has by now.

later12

Retail banking executives, like those in so many other industries from supermarkets to public libraries, seem to understand that technology is one of the most effective ways to cut labour costs.

Previously, with the intensity of competition that existed in Irish retail banking, any switch to cashless or electronic banking would simply have precipitated a walkout by some customers.

Today, as the Irish retail banking scene downsizes, you will probably see decreased competition lead to the institutions being able to push electronic and cashless banking more aggressively. And yes, of course staff cuts or natural attrition (less retail hirings) will be an inevitable consequence of that.

If only we could get rid of the bloody cheque.

highgiant1985

later10 wrote: »

If only we could get rid of the bloody cheque.

Cheque payments are being phased out. From 2016 in Ireland. The below is going ahead I believe.

http://www.independent.ie/business/personal-finance/latest-news/cheques-to-be-phased-out-in-bid-to-modernise-payments-2031406.html

Permabear

This post has been deleted.

antoobrien

later10 wrote: »

Retail banking executives, like those in so many other industries from supermarkets to public libraries, seem to understand that technology is one of the most effective ways to cut labour costs.

Previously, with the intensity of competition that existed in Irish retail banking, any switch to cashless or electronic banking would simply have precipitated a walkout by some customers.

Today, as the Irish retail banking scene downsizes, you will probably see decreased competition lead to the institutions being able to push electronic and cashless banking more aggressively. And yes, of course staff cuts or natural attrition (less retail hirings) will be an inevitable consequence of that.

If only we could get rid of the bloody cheque.

Internationally online & particularly mobile banking is being seen as a key differentiator between retail products, with a secondary benefit being the opportunity to reconfigure their staffing arrangements.

Thoie

later10 wrote: »

If only we could get rid of the bloody cheque.

highgiant1985 wrote: »

Cheque payments are being phased out. From 2016 in Ireland.

While I rarely use cheques, they are handy at times. Last week I needed a plumber, but was sick, and couldn't get out to go get cash to pay him. Few plumbers/electricians carry around debit card terminals (none that I've ever met), so was able to give him a cheque.

In Finland taxis etc are able to have credit card machines, but in Ireland there's a relatively high cost associated with renting the units which put a lot of small tradesmen/businesses off. Until we have a reasonable solution, people are still going to want to use cheques.

antoobrien

Permabear wrote: »

This post had been deleted.

This will also help to reduce cost across the economy, as the costs associated with handling and securing cash are very high. Just think about the amount of security that goes into cash in transit vans for deliveries to/collections from banks & retailers. Compare this with the cost electronic transactions.

later12

highgiant1985 wrote: »

Cheque payments are being phased out. From 2016 in Ireland. The below is going ahead I believe.

http://www.independent.ie/business/personal-finance/latest-news/cheques-to-be-phased-out-in-bid-to-modernise-payments-2031406.html

Hmm, I wonder. Cheques were to be phased out in the UK in 2018, but when households caught wind of that, it "scared the pants off them" according to one MP,and the decision had to be reversed.

Part of the problem with getting rid of the cheque, which suffers a pretty much universal hatred from both banks and service providers, is that for some retailers the alternative payment methods, such as card electronic terminals, are prohibitively high.

Gumbo

Cheques are still very handy.
Book a holiday, theres a 2% charge on credit card payments.
pay for car insurance, theres a % charge on credit card payments :mad: