ATM machines were feared to eliminate bank tellers in the 1970s, but actually the cost of running a branch dropped 10x, banks created 10x more branches, and total bank teller employment remained flat, showing that automation doesn't eliminate jobs but transforms them and enables more business growth.

factualpending

Speaker

Salim Ismail

Evidence Quote

when we created ATM machines...what actually happened was the cost of running a branch dropped by 10 times. The banks created 10 times more branches and the number of bank tellers has not changed at all

Source

Building a business for the Future?OpenExO
Created: 8/13/2026, 10:25:00 AM

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