An important factor in ending the strike appears to be the explosion of business conducted via automatic teller machines (ATMs) in the country of 175 million people.
The country’s banking system has become among the most automated in the world. One of the reasons the banking strike lacked bite is that, despite half of the workforce walking out, the stoppage had little impact. The country’s banking system is now so automated that less that 10% of transactions involve face-to-face contact between customer and employee.
But the technological revolution also comes with risks. On October 20, Brazil’s Policia Federal arrested 50 computer hackers who had managed to tap into the online systems of banks and transferred an estimated $28m in customer funds to other accounts. The scam revolved around a bogus e-mail message which, once opened, made personal banking and access codes available to hackers.
As Brazil’s banking system continues its rapid technological development, progress seems guaranteed to add a provocative new dimension to the political and collective bargaining concerns that have often dominated the Brazilian labour market.