Jamie Whyte appears on the BBC Daily Politics
Jamie Whyte made a video for the BBC’s Daily Politics “5 reasons why” to explain why we shouldn’t be concerned about this.
His five reasons were:
- Banks are closing branches because technology is making them redundant. Most banking transactions can now be done more easily online. And the use of cash, which needs to be deposited at branches, has declined dramatically.
- Banks that did not respond to these trends by closing branches would be wasting money on unnecessary premises and staff.
- As branch closures reduce banks’ operating costs, competition between them will reduce the prices they charge customers. Consumers will be better off.
- The staff and premises jettisoned by banks will be available for other, productive purposes. So branch closures will contribute to economic growth.
- We should therefore celebrate the fact that banks are closing branches, just as we should celebrate the closure of bookshops and travel agencies.
He also discussed the issue in the studio, arguing that if you find a way to do the same thing with fewer resources you’ve improved the world, making it a more efficient and productive place.
Watch here. Segment begins at 41:00.
Further IEA Reading: Robocalypse Now? – Why we shouldn’t panic about automation, algorithms and artificial intelligence