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News : Global Bank Employees Will See Massive Job Cuts and GCC Region No Different


Dubai, UAE, Oct, 2019 -- Wells Fargo has projected that up to 10% of banking jobs will be cut in the next decade, globally.

This region’s banking sector is getting ready to do the same.

According to the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf, some 40% of the GCC population is under 30, and young professionals are more tech-savvy, driving strong demand for digital services in retail banking.

Financial technology (FinTech) companies, which focus on lowering transfer fees and reducing transfer times, could significantly disrupt the money transfer operations of banks and exchange houses in the GCC, said global rating agency Standard and Poor’s (S&P).

"Online banking penetration has reached 92% in the UAE banks and 85% in Saudi banks," found McKinsey, S&P reports.

To attract a young audience, Mashreqbank in Dubai and Emirates NBD’s Liv. have launched ‘neobanks’ that are 100% digital banks.

Something has to give. Traditional banking roles have to give way to more specialized digital workers and robotics/AI enabled versions of them.

A UAE Salary Guide published by Dubai-based recruiter Cooper Fitch said that technology roles within banking in areas such as data warehousing and cloud-based servers were in "high demand".

Banks are feeling the pressures

Michael Fahy, ZAWYA, reported last December, that a digitisation drive among banks is to replace routine roles with apps and artificial intelligence (AI)-enabled technology, something already underway in the UAE, with Standard Chartered and Mashreq Bank among the firms to lay off staff as a result.

Standard Chartered confirmed to Reuters that it was cutting jobs in its retail division as more customers migrate to digital services.

"Meanwhile, Zawya understands that Mashreq Bank has also recently laid off a large number of sales and call centre staff. The bank declined to comment on the number of jobs lost, but it said these posts were being replaced with "an equivalent number of relationship managers, product management and digital banking" roles," reported Fahy.

Mashreq has been undertaking a digital transformation which has involved the creation of a new digital bank, Mashreq NEO, launched in October 2017.

10% of banking jobs to be cut in the next decade

Advancements in technology will lead the banking industry to see a massive reduction in headcount over the next decade, with a projected 200,000 jobs cut, according to Wells Fargo estimates cited by Bloomberg.

AI could reduce mortgage processing costs by 10% to 20%, the report said, while the use of big data and cloud computing could yield significant savings.

McKinsey predicted earlier this year that the headcount of front-office workers will drop by almost 1/3rd with the rise of robots.

Wells Fargo recently announced 400 job cuts to its customer service centre following 120 layoffs earlier in the year, following an announcement from last year that it would reduce its overall headcount by up to 26,000 workers. Similarly, Citigroup CEO Mike Corbat said "tens of thousands" of call centre workers could be replaced by machines that "radically change or improve customers' experience while cutting costs."


Posted by Veronica Silva Cusi, news correspondent

Today's Tip of the Day - The Experience

Read today's tip or listen to it on podcast.

Published: Monday, October 7, 2019

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2022 Buyers Guide Knowledge Management


Contact Center Innovation Channel and Digital Transformation Enabler
Providing Research, Training and Consulting related to Customer Experience Delivery, support Project Management by Unit or Corporate.
Have the ability to conduct research for specific needs.
Having deep knowledge on the Digital Interaction/Contact Center / Omni Channel / CRM various Stakeholder and Emergency Response ecosystem in Indonesia.


Combines knowledge management with call support as continue improvement.

eGain Corporation

eGain Knowledge + AI
eGain's knowledge management software, powered with Case-Based Reasoning, an Artificial Intelligence technology, lets you provide intranet or extranet access to the common knowledge base, enabling contact center agents to provide distinctive, productive, and brand-aligned experiences in every interaction, across all channels and touchpoints.

eGain Corporation

eGain Knowledge + AI
eGain Knowledge+AI™, the top-rated, analyst-awarded knowledge management software, guarantees quality customer service by infusing your customer service agents with knowledge, making all agents as productive as your best ones. By providing agents and other users a range of ways to get to information from the common knowledge base, it ensures fast, consistent, and accurate answers.


FuzeDigital offers an affordable yet comprehensive knowledge base to answer your consumers' and staff questions. When assistance is needed, our email management system ensures your timely and accurate delivery of responses. Used by companies large and small that seek to deflect common questions while providing exceptional support.


Happitu is your customer support team’s personal coach. It guides your team through every interaction with custom workflows, responsive scripting, and dynamic help topics.

Documentation in Happitu is automated, detailed, and consistent. Go beyond handle times and service levels with the rich insights of Happitu – from granular interaction data to aggregate data and trends – you get the complete CX journey!

We intentionally built the Happitu Workflow Designer with your customer support team in mind. Using our intuitive tools that provide quick and safe iteration, you eliminate the need to involve IT or Development. Yes, you will no longer have to dread submitting a change request to Devin from IT!

Try it free for 45 days!


Knowmax is a knowledge management software for enterprises. Customer service of any organization can leverage this tool to create, curate & distribute the knowledge at assisted as well as digital channels promoting self service.


Knowledge Management software
livepro are experts in Customer Experience Knowledge Management and are passionate about improving customer experience. livepro is feature-rich yet easy to use, delivering answers to agents – not long complex documents to dig through. This makes customer service quicker, easier and more efficient. Staff require next to no training on complex procedures thanks to livepro’s intuitive design, which brings confidence up and training costs down.


ProcedureFlow is a step by step visual guide that supports agents as they navigate company processes. With a knowledge management solution that simplifies complex information, employees can spend less time searching and focus on what they do best. ProcedureFlow’s simple and intuitive platform enables contact centers to quickly and easily create, maintain, and update company processes in real time. With ProcedureFlow, teams can work more efficiently, better serve customers, and drive results that matter most to their business.


Knowledge: For Your Team
Synthetix’s intelligent knowledge base software, Knowledge: For Your Team empowers your agents whilst fuelling your digital customer service channels.

With one centralised source of knowledge that is simple to use and update, providing customers with the right information – whether that be through self-service or direct – is efficient and always consistent.

With their own integrated knowledge base that recommends articles based on what they’re typing and decision tree technology that produces scripting, agents are more productive and Average Handling Times can be reduced by 25%.

About us - in 60 seconds!

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