News : AI Could Displace Banking Jobs in Singapore
Singapore, April 25, 2019 -- Forty financial services job roles in Singapore are set to be highly impacted — either through role convergence or displacement — by robotic process automation, advanced analytics, and AI, per an Ernst & Young study commissioned by the Institute of Banking and Finance Singapore and the Monetary Authority of Singapore.
Of these 40 roles, 13 are within retail and corporate banking, including branch tellers, loan officers, and call center representatives.
Here's what it means: Banks should focus on reskilling employees who will be mostly impacted by analytics and automation.
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To ensure success in training staff, banks need to identify which skills employees will need in the future. The study highlights data interpretation and analysis, as well as advanced digital acumen as key skills necessary for employees working with analytics and AI.
In terms of data interpretation, banking product sales officers, for instance, will need to leverage useful data patterns to up sales. Ensuring digital literacy of staff is also key for banks that want to take advantage of the AI opportunity: Expertise in this area can help employees innovate, but also digitally train their customers.
The bigger picture: Despite the industry's technological transformation, human expertise will remain vital to banking operations and customer service.
As machines take over repetitive tasks, employees can focus on leveraging technology and using their expertise to create innovative products and solutions. The relationship between humans and machines can be complementary: AI can enhance staff productivity while improving employee satisfaction, as automation can allow staff to engage in more meaningful and creative activities.
And regardless of the amount of tasks to be automated, humans will still need to supervise and interpret results. Further, as customer trust of AI remains low — only 19% of respondents to recent VMware research cited by Forbes would let technology manage their money — human relationships will remain vital in banking.
To ensure a smooth transition for employees, banks should cultivate a culture of open communication that will seek to ease concerns and create an environment that favors adaptability and innovation.
Posted by Veronica Silva Cusi, news correspondent
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Ernst & Young (or "EY") is one of the largest professional services firms in the world and one of the Big Four auditors, along with PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu (Deloitte) and KPMG. According to Forbes magazine, as of 2008[update] it is also the 9th largest private company in United States.
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