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The Future of Banking Higher earnings are expected as wages are expected to increase at a greater rate than the national average. The effects of the recent merger activity will be seen in the upcoming years but many analysts are hopeful that job growth will be steady in the industry. Technology has opened up new doors in the industry and those interested in entering the field would be wise to brush up on their computers skills, especially spreadsheet software and web technologies. In addition to technology advancement, the industry has expanded by offering financial services and value added services through partnerships with other retail businesses. Banks that take advantage of technology and value added services are expected to be successful in the future. Additionally, the growth of credit unions will increase the competitive nature of the banking industry as credit unions compete for traditional banking customers. Existing banks will continue to merge, and new banks will be chartered to take their place. The number of banking facilities and the number of people employed in the banking industry are not reducing – they are consolidating under fewer corporate names. People began questioning the future of Banking in 1971, when the first Automated Teller Machine was installed (at Citizens and Southern National Bank in Atlanta). Now, there is on-line banking, and still banks continue to build new branch offices. As long as people continue to use money, as a medium of exchange, there will be a need for banks and employees to manage them. A major advantage is that bank related job skills are portable whether you remain local, relocate within the United States, or (with the increasing global economy) work outside of the United States.
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