Enfield, 1967
The world’s first cash machine was unveiled at a Barclays branch in Enfield, north London, on 27 June 1967. Actor Reg Varney made the first withdrawal, of the £10 maximum (Barclays, “From the archives: the ATM is 50,” 2017).
More tellers, not fewer
In the U.S., the number of bank tellers rose from a little under 300,000 in 1970 to around 600,000 in 2010, according to BLS figures cited by the American Enterprise Institute (Vox / Recode, 2017).
Economist James Bessen explains why. ATMs cut the tellers needed per urban branch from 20 to 13 between 1988 and 2004. But cheaper branches meant banks opened more of them; urban branches rose 43%. The teller’s job also shifted from counting cash toward relationship banking (James Bessen, “Toil and Technology”, IMF Finance & Development, 2015).
Then the phone took over
The trend has reversed. The BLS counts 339,200 teller jobs in 2025 and projects a 13% decline from 2025 to 2035. It cites online and mobile banking, fewer branches and smarter ATMs (U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Tellers).
What the popular version gets wrong
Popular version ATMs destroyed teller jobs.
What the record shows Not for decades; teller numbers roughly doubled between 1970 and 2010 (Vox / Recode, 2017) (James Bessen, “Toil and Technology”, IMF Finance & Development, 2015).
Popular version ATMs prove automation always creates jobs.
What the record shows The gains depended on branch expansion. Once mobile banking shrank branches, teller jobs fell (U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Tellers) (Vox / Recode, 2017).
What it means for today
AI may follow both halves of this story: first making each worker more productive and expanding the business, then changing the channel altogether. Investors should watch the channel shift, not just the tool. See Personal AI agents.
The Future: Personal AI agents →
Companies we own that connect to this story (tickers only, never position sizes):
Sources
- James Bessen, “Toil and Technology”, IMF Finance & Development, 2015
- Barclays, “From the archives: the ATM is 50,” 2017
- Vox / Recode, 2017
- U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Tellers
Last reviewed: 22 Oct 2026. Historical figures are quoted as the sources publish them; where sources disagree, we say so.
Not investment advice. History is a lens, not a forecast. This page is opinion and education, researched and presented with the help of AI analyst personas, and may contain errors. The EarlyConviction team holds positions in HOOD, SOFI, NOW and may buy or sell at any time. Read the disclaimer.