Cashless society

[JohnDe]

So, this is how those in charge make it cheaper to run a cashless economy -

Commonwealth Bank will slash 83 branch and back office jobs across New South Wales, Victoria and Western Australia, as it manages staffing expenses and rolls out technology like artificial intelligence.

The Finance Sector Union said the nation’s largest lender had notified it about the move, which will impact 19 positions across two bank branches, including 10 at its Elizabeth Street branch in Surry Hills and 9 at the University of Melbourne branch.

The back office positions being culled include 32 tech jobs involving roles such as systems engineers, business analysts and IT project manager. A further 22 positions at its Bankwest subsidiary would be lost, as well as 10 jobs in customer remediation teams.

The move follows a decision to cut about 200 roles in an automation push last year.

In the six months to December, full time employees at CBA shrunk 1 per cent to 48,930 people, its accounts show. Meanwhile operating expenses increased 4 per cent over the same period, driven by investments in technology and higher wages.

CBA is spending about $2bn per year in investments that improve its efficiency, including technology driving its integration of artificial intelligence, cloud computing, digitisation efforts and scam prevention.

Growth in such costs are being “more than offset by ongoing business simplification and productivity benefits,” the bank said when it unveiled its $5bn interim profit on February 14.

At an artificial intelligence conference last month hosted by Microsoft, the bank said early investments in AI products were already yielding productivity gains, in some instances boosting worker productivity by about 30 per cent.

At that time, CBA’s head of technology Gavin Munroe emphasised the efficiency gains from the technology were driving “the value proposition” of tech employees.

FSU national secretary Julia Angrisano rebuked CBA’s move to slash jobs as “appalling” following the bank’s $5bn half year profit announcement just weeks ago.

“Bank workers could have been excused for thinking the continuing profit bonanza would give them some measure of job security,” Ms Angrisano said in a statement.

“This is simply about what the bank calls ‘efficiencies’ which is code for growing even greater profits at the expense of workers and the community.

“Those losing their jobs are Australians with families, being pushed onto the unemployment queue at a time when many people are struggling with large mortgages and a cost of living crisis.”

A spokesman for the bank said all branch employees had been offered “redeployment”.

“For the other roles that are no longer required in their current form, we are now working closely with our people to redeploy them into new roles and opportunities wherever possible,” the spokesman said. “While a number of roles are affected, this may not mean that people will actually be leaving the group.”

He added CBA had recruited over 10,000 people since 2022 reinforcing its position as one of Australia’s largest employers.

“Our priority is to treat every individual with respect and care, taking time to talk with each employee impacted ... and work with them on finding opportunities and building skills to support them for another role in or outside the bank,” he said.

CBA’s job cuts follow similar decisions by its smaller competitors. This week, Westpac informed the union about eliminating 62 risk and compliance roles, adding to the 20 support staff laid off in January.

Commonwealth Bank to cut 83 jobs as bank invests heavily in technology​

 

[wayneL]

So, I get a phone call from my bank saying my card has been cancelled due to suspicious activity.

Good job, and very thankful, only a couple of very small transactions ($12 worth).

Meanwhile while I wait for my new card, I have no means of any sort of tap and go/EFTPOS.

YAY! CASHLESS! </sarc>

Fortunately I always have a fairly substantial amount of cash on hand for such a occurrences.

YAY! CASH!!!!!!!!!!!!!!!!!!!!!

 

[farmerge]

So, I get a phone call from my bank saying my card has been cancelled due to suspicious activity.

Good job, and very thankful, only a couple of very small transactions ($12 worth).

Meanwhile while I wait for my new card, I have no means of any sort of tap and go/EFTPOS.

YAY! CASHLESS! </sarc>

Fortunately I always have a fairly substantial amount of cash on hand for such a occurrences.

YAY! CASH!!!!!!!!!!!!!!!!!!!!!

Wayne I would have thought that the thieving bank could have made a phone call to you first, put the suspicious transactions on hold and then sorted it out with you rather than cancel your card.

 

[JohnDe]

So, I get a phone call from my bank saying my card has been cancelled due to suspicious activity.

Good job, and very thankful, only a couple of very small transactions ($12 worth).

Meanwhile while I wait for my new card, I have no means of any sort of tap and go/EFTPOS.

YAY! CASHLESS! </sarc>

Fortunately I always have a fairly substantial amount of cash on hand for such a occurrences.

YAY! CASH!!!!!!!!!!!!!!!!!!!!!

Same thing happened to my wife a couple of months ago. And 3 weeks after she was issued a new card it happened again. The bank apologised but could not answer why it happened the first or second time. It is a debit card, and no online shopping with it.

 

[farmerge]

Same thing happened to my wife a couple of months ago. And 3 weeks after she was issued a new card it happened again. The bank apologised but could not answer why it happened the first or second time. It is a debit card, and no online shopping with it.

Smells as if there is a dead rat in the works.
Once ok acceptable, twice Nah not good enough.
As the ad says Not Happy ............

 

[Value Collector]

So, I get a phone call from my bank saying my card has been cancelled due to suspicious activity.

Good job, and very thankful, only a couple of very small transactions ($12 worth).

Meanwhile while I wait for my new card, I have no means of any sort of tap and go/EFTPOS.

YAY! CASHLESS! </sarc>

Fortunately I always have a fairly substantial amount of cash on hand for such a occurrences.

YAY! CASH!!!!!!!!!!!!!!!!!!!!!

Not true Wayne , you can get them to issue a new digital version of your card so you can tap your phone Without having to wait for the physical card.

Also, if you have your banks app on your phone, you can get card less cash out of the atm, no need for a physical card.

but it’s best to have two cards, eg a credit card and then your normal eftpos card So if one gets lost or stopped it’s not a problem.

 

[wayneL]

Not quite true, you can get them to issue a new digital version of your card so you can tap your phone Without having to wait for the physical card.

Also, if you have your banks app on your phone, you can get card less cash out of the atm, no need for a physical card.

but it’s best to have two cards, eg a credit card and then your normal eftpos card So if one gets lost or stopped it’s not a problem.

All true, but I don't want that for a plethora of reasons, many of which, in terms of this discussion are really quite obvious and better left unsaid in public.

As an interesting aside, a local business which had previously been promoting cashless transactions, in the last week has put up a sign saying - cash is king cash transactions are preferred.

I have not yet had the discussion with them regarding this, but quite interesting, n'est ce pas?

 

[Value Collector]

All true, but I don't want that for a plethora of reasons, many of which, in terms of this discussion are really quite obvious and better left unsaid in public.

As an interesting aside, a local business which had previously been promoting cashless transactions, in the last week has put up a sign saying - cash is king cash transactions are preferred.

I have not yet had the discussion with them regarding this, but quite interesting, n'est ce pas?

I normally just assume people that say stuff like that either

1. Haven’t set them themselves up to take advantage of all the benefits the cashless system.

or

2. They are involved in tax evasion.

 

[Smurf1976]

it’s best to have two cards, eg a credit card and then your normal eftpos card So if one gets lost or stopped it’s not a problem.

Agreed - although as a "heads up" I'm aware that at least one bank doesn't reissue a debit card if it hasn't been used.

Eg a card held purely as a backup by someone who pays everything using a different card (credit card with the same bank, or a card with another bank, online banking, whatever ) and who goes the full card lifecycle without using the physical card. They don't send a replacement, just letting the old one expire and it's then up to the customer to contact the bank if they want a card.

Source = personal experience.

 

[Value Collector]

Agreed - although as a "heads up" I'm aware that at least one bank doesn't reissue a debit card if it hasn't been used.

Eg a card held purely as a backup by someone who pays everything using a different card (credit card with the same bank, or a card with another bank, online banking, whatever ) and who goes the full card lifecycle without using the physical card. They don't send a replacement, just letting the old one expire and it's then up to the customer to contact the bank if they want a card.

Source = personal experience.

Yep, but they should issue one on request.

 

[wayneL]

I normally just assume people that say stuff like that either

1. Haven’t set them themselves up to take advantage of all the benefits the cashless system.

or

2. They are involved in tax evasion.

D1ckhead.

There are so many other reasons, many of which are political. Go to hell.

 

[Smurf1976]

Yep, but they should issue one on request.

They will - easier to avoid the hassle though by just making sure to use the card every now and then.

 

[sptrawler]

The MIL isn't going to be happy, no computer, no smart phone, only uses Bankwest and has done for a long, long, long time.

Union slams 'outrageous' decision by Bankwest to close all 60 branches across WA

Bankwest is set to close 60 branches across Western Australia, with 15 locations in regional communities to be converted to CBA banks.

www.abc.net.au

• 
  In short: Bankwest will close all 60 of its WA branches by October this year.
• There are plans to convert 15 regional sites into Commonwealth Bank branches.
• What's next? Bankwest says it has jobs in WA for all staff affected by the closures.

 

[rcw1]

The MIL isn't going to be happy, no computer, no smart phone, only uses Bankwest and has done for a long, long, long time.

Union slams 'outrageous' decision by Bankwest to close all 60 branches across WA

Bankwest is set to close 60 branches across Western Australia, with 15 locations in regional communities to be converted to CBA banks.

www.abc.net.au

• 
  In short: Bankwest will close all 60 of its WA branches by October this year.
• There are plans to convert 15 regional sites into Commonwealth Bank branches.
• What's next? Bankwest says it has jobs in WA for all staff affected by the closures.

Good evening @sptrawler
Hmmm banks... !!! don't like em... need em but don't like em...

Maybe 3 o 4 years back, wanted to do something financial that needed to be done but there was some resistance from rcw1 bank, CBA. Anyways, cutting a long story short... shopped around and funnily enough Bankwest said they would do it... so transferred all of rcw1 business across accordingly. They honoured what they said they would do and havn't looked back ...

If rcw1 maybe so bold to inquire ... does MIL mean Mother In Law?? Pardon one's ignorance...
If so, the @sptrawler may need to introduce her to a mobile phone and or a computer... just think how you could benefit from a happy MIL ha ha ha ha

Kind regards
rcw1

 

[sptrawler]

If rcw1 maybe so bold to inquire ... does MIL mean Mother In Law?? Pardon one's ignorance...
If so, the @sptrawler may need to introduce her to a mobile phone and or a computer... just think how you could benefit from a happy MIL ha ha ha ha

Kind regards
rcw1

Yep it is the mother in law, at 91 there is no way she is touching technology, been there tried that already.
I'M just staying clear until the dust settles. Lol

 

[wayneL]

FYI

 

[Dona Ferentes]

FYI

shops holding cash ?! I think the issue is more getting banks to hold cash. And having a physical presence, a network

There must be something in it to capture that 5-10 per cent market share.

 

[farmerge]

shops holding cash ?! I think the issue is more getting banks to hold cash. And having a physical presence, a network

There must be something in it to capture that 5-10 per cent market share.

She who is never wrong deposited a decent wad of cash into her Bendigo account on Friday.
The person in front of her took out a similar amount.
No dramas from the bank teller with either.
And as the cash rolls in so does her bank balance.
Next 3 jobs will all be folding.
Long may cash be King/Queen.

 

[farmerge]

Just collected the 2nd of the cashies this morning. Everyone I am doing business with lately seems to have an endless supply of it, and they're not bikies

 

[bsnews]

I have been in business now for over 30 years and I never thought I would say this but I would be so happy for cashless to happen tomorrow. The cost of cash has become more then it is worth, time spent banking cash, waiting to acquire change, theft, teaching new employees how to add up to $1. Have no idea what the school system is teaching but it is not basic knowledge of adding up money.

The move that surprised me the most was the age group I never thought would embrace tap have taken to it like a duck to water. The elderly.

If the opportunity does arise I will open up a new venture and I will go cashless from the get go.

Also from my very small window of the world the only way to catch all the under the table dealing is through the GST.
Drop wage tax and up the GST to whatever level is needed.
What no EFTPOS working great an early night!