Customers at the Wells Fargo branch in Artesia will see fewer people these days, as the bank pushes customers toward its virtual assistant. It’s part of a company-wide plan to cut jobs as it ramps up the use of artificial intelligence.
When Danielle Olivas first started working at the Wells Fargo location, there were always three tellers onsite. Now only one person works the front of the branch, the other working the drive-thru and commercial lanes.
She also has to direct customers to use Fargo, the virtual assistant in the bank’s mobile app. It can help people with sending money, reviewing their transaction history, and even compiles personal insights.
But Olivas said it’s still vital for actual tellers to be there.
“We’re there to help our customers and sometimes you need that extra reassurance from a human being who knows you, your situation, and what’s important to you. AI can’t always do that,” said Olivas.
Wells Fargo CEO Charlie Scharf told Reuters in December that he expected job cuts this year as the company rolls out AI. This shift, he said, would not entirely eliminate human workers, but it would change how work is carried out.
Olivas said she has customers who are not excited about this technology. She explained that some of her older customers only have landline phones, but some of her younger clients are also showing a distrust in banking through an app.
“I do also have younger customers that are worried about security and things of that nature so they don’t trust having an app,” said Olivas.
In 2023, Wells Fargo workers at an Albuquerque branch became the first in the country to unionize. The Artesia branch is represented by a union and Olivas says they are currently in bargaining to figure out next moves.
“We are trying to look out for us and not necessarily just Artesia. What we want is a singular contract for all Wells Fargo branches that are unionized,” Olivas said.
As Wells Fargo expands the use of AI, Olivas says technology can be beneficial, but shouldn’t replace human tellers that some customers rely on.
As more companies consider expanding AI, researchers at the MIT Sloan School of Management argue there are certain human attributes AI can’t replace. They suggest financial companies should think about how AI can redefine jobs rather than replacing them.
This coverage is supported by the W.K. Kellogg Foundation and KUNM listeners like you.
