Merchant Innovation

Chase Replacing 8,000 Jobs With 600 ATMs

JP Morgan Chase is prepared to axe 8,000 mortgage and retail banking jobs with the introduction of new electronic banking kiosks (EBKs) that perform a range of functions from cashing checks to belching cash in desired denominations.

After rolling out about 1,000 EBKs in the US, the company is eyeing a target of installing another 600 by the end of 2014, a bank official said. However, the new machines make for just 8 percent of 20,000 ATMS spread across the US, according to qz.com

Other than options to get exact change for cashed checks and selecting currency denomination for withdrawal, customers can soon expect to see biometric scanning and other features like syncing an app to user mobile that will allow the customers to withdraw money remotely and have it waiting, the website reported.

High-tech EBKs are one of the many technological innovations the bank is implying to improve customer’s experience. Last year, the bank reportedly cut over 16,500 jobs in the same sector.

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