Digital Revolution Effect

Last year saw three of Britain’s biggest banks unleash a brutal wave of job cuts. Previously it was mentioned that Lloyds Bank have axed 9000 jobs available focusing on a digital model. Now that will take affect on other two banks as Barclays and RBS announces major job cutting. November 2014 saw Barclays announcing that 1700 job losses in a drive to replace its branch staff with even more machines.(Read more) 

Digital revolution is compared to be the technological industrial revolution.

Subsequently, the most affect it does take on this will be the employees. With banks conducting and implementing the digital model, this will results to the number of staff either be diminished ore completely cut from the workforce. Digital revolution presents banks with more change in 10 years than last 200 due to the digital revolution that is affecting almost every business on the planet. When Lloyds became the first of the major high street banks to report third quarter-results last year, the bank confirmed to its workforce the impact the increasingly digital world will have on their working lives.

At that time, this was devastating for employees of banks especially for staff at Lloyds Bank. As 9000 jobs were axed in addition to the 45000 that have gone since the 2008 bailout and rescue of HBO's- as boss Antonio Horta-Osorio sets out a new three year plan that embraces technological advances. Consequently, resulting to a swath of branches up and down UK closing for this matter.

For the remaining staff at Barclays would see more staff being more practical on the store rather than gleaming the store floor. As Barclays being one of the first banks to signal the switch to online and digital banking, it announced 1700 jobs cuts and blamed the fact that customers now visit their branch twice a month on average, while they use mobile services 18 a times a month. The Barclays branch on Holborn, in London's legal district which is one of the 84 so far that have been transformed by the digital revolution. With reduced employees, customers are greeted by a member of staff armed with an iPad. Old style customer service based counters have been ripped out and replaced by machines where customers can pay in cheques, transfer money and check balances. 

Staff replaced by machines