Technology Makes Thousands of Jobs Extinct
As modern IT develops manual processes, bank employee numbers are falling by the thousands.
This week Dutch bank ING announced almost 3,000 job cuts in its IT call centres and back offices.
The bank said it is moving to simplified IT systems at a cost of €200m in 2015 and expects to save €270m per year from 2018. The bank is cutting 1,700 full-time employees and reducing the number of contractors it employs by 1,075.
The bank said they made the cuts to allow the modern day to meet customer demand as they believe customers are banking "the way they want, when they want, and in a consistent, reliable and easy way".
ING CEO Ralph Hamers said: "In this environment we need to continuously improve our service. We are creating a consistent customer experience by integrating our service channels in the Netherlands and by making a substantial investment to simplify and upgrade our IT systems.
"Unfortunately, the more efficient way of working will impact many of our employees."
ING are not the only bank to make job cuts, as last year Lloyds Banking Group cut thousands of jobs as part of a digitisation strategy to automate manual tasks; Barclays bank also announced plans to cut 1,700 front line jobs across the UK.
The bank group is investing £1bn in digital technologies over the next three years, focusing on digital products and customer services.
Technologies such as automation, mobile, online banking and video conferencing are all replacing people in financial services.
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