The Central Bank of Kenya through their report, Banking Supervision Annual Report 2015 indicated that over 700 bankers lost their jobs in 2015 due to technology. This is the ugly side of technology. After automation of routine tasks some of the jobs in the banking industry became redundant.
It is anticipated that in future, banks will handle even less customers courtesy of automation. This will significantly reduce the need for new employees.
A number of reliable sources have shown that sacked employees are never replaced with new ones. Their positions are taken over by automations. It is only specialized jobs that will survive the new wave.
The report further reveals that cumulatively banks introduced 105 ATMs in 2015. At the same time bank transactions at the agents increased by 40 per cent during the same year. Technology has lead to efficient operations and increased profits for the actors in the banking industry.
Should we stop embracing technology because of its ugly side? I guess no. A report produced by World Bank titled Digital Dividends praises technology for improving the standard of living. Therefore, we can easily say technology is a double edged sword.