In line with new technological changes, banks are reviewing their business models which could lead to the scrapping of teller jobs in the next two to three years.
This disclosure was made at the 2019 Graduate Induction/ Prize Awards of the Chartered Institute of Bankers of Nigeria (CIBN), by the President of the Institute, Uche Olowu, which held in Lagos at the weekend.
Speaking on the theme: ‘Re-positioning for Relevance in a Competitive Environment,’ Olowu noted that the business model of today’s banks is being challenged and that Artificial Intelligence and Robotics are changing the game in customer relationships and front office operations.
Olowu disclosed that jobs previously reserved for officers such as tellers may become obsolete, adding that in the next few years, machines will be capable of performing approximately thirty per cent of the work currently done at banks.
He added that in recent years, banks have gone from investing in bank branches or other brick and mortar establishments to greater investments in financial technology (FinTech) and the relevant specialised human capital.
Two thousand, one hundred and sixty-one members were inducted at the ceremony. This figure represents one hundred and seventy-five per cent over the figure of members that were inducted in 2018.