DBS Group will not be hiring new people for jobs that will be replaced by artificial intelligence (AI), said CEO Tan Su Shan today (Nov 7).
The bank is retraining its workforce as it prepares for AI to transform jobs and skill sets across the organisation.
“Those who are in those jobs that will be changed, we will have to take them out of their jobs and really start training them, which is what we’ve been doing for years,” she told Bloomberg.
Globally, financial institutions are increasingly adopting AI as they aim to improve efficiency and save costs, often at the expense of thousands of jobs.
In Singapore, the three major banking players—DBS, UOB, and OCBC—are retraining all 35,000 of their local employees over the next one to two years to prepare for the changes brought about by AI. So far, more than half have been trained.
This will help them employ role-specific AI tools to perform higher-value work or enable them to transition into related roles, such as shifting from service or call centre jobs to roles in relationship management, for instance.
“If your job is going to change, this is how it’s going to look,” Tan said.
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Featured Image Credit: Reuters
