ATMs, bank tellers, and the automation paradox

ATMs, bank tellers, and the automation paradox

In September 1969 the Chemical Bank branch in Rockville Center, New York opened the first automatic teller machines. The first ATM was only able to give out cash, but by 1971 the machine could handle multiple functions , including providing customers’ account balances. The machine could do the job that was once reserved for human tellers. Over the next three decades, the number of ATMs increased exponentially. Today there are about 400,000 ATMs across America.

You can probably imagine what happened to bank teller jobs, can’t you? Their numbers increased.

What? That’s not what you expected? You thought the increase in […]

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