## A Tale of Two Tellers

_IMF Blog, August 31, 2016_

## Source details

**Canonical URL:** [A Tale of Two Tellers](https://www.imf.org/en/blogs/articles/2016/08/31/a-tale-of-two-tellers)

## Other formats

- [Markdown version](/en/blogs/articles/2016/08/31/a-tale-of-two-tellers/index.md)
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## Bibliographic details
- Authors: Jeff Hayden
- Published: August 31, 2016

---

### Overview
- Narrative contrast between consumer banking in 1973 and in Summer 2016.
- Key framing: technological advances over "four decades" leading to large efficiency gains.
- Focus of the F&D issue: how technology is driving growth, including smart machines and artificial intelligence.

### Technology and productivity
- Example: 1973 drive-through teller process — metal canister sent via pneumatic tube; includes deposit receipt and a lollipop.
- Example: Summer 2016 smartphone banking — paycheck deposit made instantly via an app connecting to an electronic banking network.
- Conceptual point: advances in computing allow streamlining and replacement of less efficient practices with more efficient ones (analogy to drive-through teller vs. smartphone deposits).
- Terminology: "second machine age" — era of smart devices and network-connected machines.

### Articles and contributions in the cover package
- Lead article: Google Chief Economist Hal Varian examines "transmission channels" through which technology drives growth.
- Sanjiv Ranjan Das examines big data's influence on economics and finance.
- Aditya Narain documents the rise of hybrid financial technology—fintech—firms.
- Sharmini Coorey highlights distance learning for better policymaking.

### Potential downsides and risks highlighted
- Andrew Berg, Edward Buffie, and Felipe Zanna imagine a future economy heavily dependent on smart machines or robots: output and productivity rise, but so does inequality.
- Chris Wellisz examines cybercrime and cybertheft as a darker side of technological advancement, raising the bar on mayhem.

### Other content in the issue
- Examination of remittances' impact on monetary policy.
- Discussion of dedollarization in Peru.
- Assessment of the efficacy of public-private partnerships.
- Profile of Nancy Birdsall, former head of the Center for Global Development, focused on fighting poverty and inequality through research.

### Editorial note
- This issue marks Jeff Hayden's last as Editor-in-Chief.
- Jeff Hayden served "almost 4 years and 15 issues of F&D" before moving to the job of Publisher of the IMF.
- Camilla Andersen succeeds as Editor-in-Chief, working with Managing Editor Marina Primorac, Creative Director Luisa Menjivar, and the editorial team.

*Jeff Hayden; August 31, 2016.*

---


## References

- [transmission channels](http://www.imf.org/external/pubs/ft/fandd/2016/09/varian.htm)
- [big data’s influence on economics and finance](http://www.imf.org/external/pubs/ft/fandd/2016/09/das.htm)
- [the rise of a new breed of hybrid financial technology—fintech—firms](http://www.imf.org/external/pubs/ft/fandd/2016/09/narain.htm)
- [distance learning for better policymaking](http://www.imf.org/external/pubs/ft/fandd/2016/09/straight.htm)
- [future economy dependent on smart machines—or robots](http://www.imf.org/external/pubs/ft/fandd/2016/09/berg.htm)
- [dark side—cybercrime and cybertheft—](http://www.imf.org/external/pubs/ft/fandd/2016/09/wellisz.htm)
- [impact of remittances on monetary policy, dedollarization in Peru](http://www.imf.org/external/pubs/ft/fandd/2016/09/barajas.htm)
- [efficacy of public-private partnerships](http://www.imf.org/external/pubs/ft/fandd/2016/09/buffie.htm)
- [Nancy Birdsall](http://www.imf.org/external/pubs/ft/fandd/2016/09/people.htm)

_Source: https://www.imf.org/en/blogs/articles/2016/08/31/a-tale-of-two-tellers_