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Explain how innovation in banking and financial markets can lead to displacement in jobs, or new...

Explain how innovation in banking and financial markets can lead to displacement in jobs, or new opportunities.
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Innovation in banking and financial market can lead to large scale displacement of jobs. Financial innovations such as ATM, online services and customized services by banks are reducing the needs for more labor. Now everything is being done efficiently with help of new technologies. it has reduced the cost of banking and financial services substantially.

It has reduced demand for unskilled labor but there is rise in demand for skilled labor. In order to maintain online services and ATM, the new and skilled personnel are required by the banking firms.

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