How Roles Have Been Reversed
Over the past years, we saw a shift in how banking is done. Today banking does not necessarily mean involving the bank in the old sense of the word.
Those Old Days
If you're not 16 or younger, you can still remember those days in which you had to go to the bank, stay in line, wait for your turn to speak to the clerk, then stay in another line to deposit or withdraw cash.
Bank jobs have been among the most well paid ones for years, even low level positions, like cashiers have been paid much more than in other sectors.
When I started my university studies, I had a classmate, a bank cashier who was earning at least four times as me back then. Let's call her Olivia. She was forced by the bank to continue her studies as her position was at risk. Her high school diploma wasn't enough anymore, even cashiers needed an university degree.
Olivia has been struggling with courses, studying was not her strong suit, I've dragged her through the first semester, trying to convince her not to quit but without her cooperation there was little I could do. So she quit after the first semester, saying she'd better use the tuition fee to pay for a new fence around the house. Not long after she quit university, hiring requirements changed, front desk workers and ATMs could do the job, banks no longer needed cashiers, so Olivia lost her job.
Banking Now
Fast forward, look at where we are now. I can open a bank account without going to the bank. My identity can be verified through a video call, I can send a copy of my ID, so I can have my account open in 10 minutes. Having the mobile banking app on my phone lets me transfer my assets from one bank to another, make deposits, pay bills etc.
In case cash is involved, I can go to the nearest ATM, deposit my cash, and that goes for companies as well. Anyone with a company bank card can deposit any amount at any time of the day (24/7) at the nearest ATM, no need to wait for the bank to open or rush to the bank before closing hours, stay in line and wait for the cashier to count your bag of money.
Basically I and anyone else can do the cashiers job now, Olivia is not needed anymore. We're the bankers, the cashiers now. Olivia would have had a chance to advance and take another position, but without proper education it was not possible.
Loss Of Jobs And Reality
Loss of jobs due to technological development is a real thing, many are affected by it. I'm pretty sure it's been hard for Olivia too, losing a very well paid job all of a sudden can't be easy, although she knew very well it's coming and had a choice. However, let's get real and look at what's happening now.
With credit/debit cards, online payments and mobile banking, we are no longer forced to waste time at the bank, or wait till an order is executed. Things are happening instantly, I can transfer any amount of money to the other end of the world in a minute or maybe even faster. My buying order can be processed and shipped in an hour as there's no need to wait for the payment anymore, it can be done instantly.
You can go to the supermarket and be your own cashier, scan and weigh your products and pay for them yourself, without needing a cashier.
In retrospect, these jobs have disappeared as there is no need for them anymore. It's not cruelty, not discrimination, these have literally no use anymore. This has been a natural process, technology allows us to have better services and this is not even a luxury, but a necessity.
Crypto
Above you can see the 1h chart of BTC. It's a historical day today as BTC has managed to break $50,000 for the first time, after being below $48,800 just an hour ago. Time is of the essence in the crypto world, there are unique opportunities you miss and can never have it again. With institutions participating in the game, large orders are executed that can change the market instantly.
In these times it's essential to be in control of your finances and not depend on third parties that can make your success impossible.
Posted Using LeoFinance Beta
