'Replaced by a Machine': Comments of the Week
January 6, 2017 7:30 AM
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
On the prospect of voice banking taking off in 2017:
"As a retail banker, this is both the smartest and scariest thing in the market. On one hand it's smart, because hopefully the result will be that people handle most of their 'tasks,' such as reviewing their bank statements, on their own and stop taking the time away from a banker that could be used to sell products. It's also the scariest thing, because it could eventually replace or reduce the need for retail bankers. I personally worry more about being replaced by a machine than what the market it is doing. WE can react and adjust to the market, we can't do much about being replaced by a machine.
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On an op-ed contributor's argument that efforts to create a multimember commission to oversee the Consumer Financial Protection Bureau are really meant to defang the agency:
"If his basic premise is true, and the push for a five member commission is really an attempt to destroy the CFPB, then good for them. The CFPB serves no legitimate purpose at a huge expense and should be eliminated."
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In support of preserving the CFPB:
"The banking/financial industry's despicable behavior is why the CFPB exists in the first place. You can make a profit without committing a felony. Try it sometime. It might feel almost as good as foreclosing on a veteran."
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On a proposal to put greater focus on entry-level employees such as tellers in a bank's succession planning:
"The decline in use of branches by digitally enabled customers is at an all-time high. The impact of this has not yet been fully felt on the frontline, but the reality is that half of the US' existing branch real estate will probably be gone before this period of adjustment is over. For that reason I think that this article represents a passionate, but completely misguided position on the economics and principles of financial services distribution."
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On the burdens that come with storing sensitive customer data (via <a href="https://www.facebook.com/marc.hochstein/posts/10212024005463671?comment_id=10212030835554419&comment_tracking=%7B%22tn%22%3A%22R%22%7D" target="_blank">Facebook</a>):
"This goes with one of my long standing theories of data design. Any time I find data that requires securing, I try and ask myself, 'Do I really need this?'"
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On the responsibilities that holding customer data entails (via <a href="https://twitter.com/kartikmalla/status/816539213311131648" target="_blank">Twitter</a>):
"What has value also has a cost."
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On calls to refresh bank boards:
"You see it too many times as an examiner or consultant: Boards who stand with both feet in the past, or those who want to proceed with such caution (often poorly informed) that they harm the institution instead of help it. Like a sports team, your roster can be filled with top talent, but if the coaching staff can't appropriately lead the team, your shot of making the playoffs is poor. FIs should decide if an upgrade in their coaching staff is warranted after one or more mediocre seasons."
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Predicting that more data breaches will be revealed over the next two years, under new disclosure rules in Europe, and that more will occur as hackers use credentials stolen from one site to log into another (via <a href="https://twitter.com/EmLindley/status/816726404603793409" target="_blank">Twitter</a>):
"This is the tip of breach iceberg 17 and 18 will be bigger with intro of
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Pointing out the benefits of banks' massive troves of customer data (via <a href="https://twitter.com/HutchFIS/status/817043229497552897" target="_blank">Twitter</a>):
"A double edged sword.
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Responding to the previous comment (via <a href="https://twitter.com/EmLindley/status/817127930895679488" target="_blank">Twitter</a>):
"Take your point Although how many banks are actually using the data to better serve clients? My bank doesn't"
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