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SINGAPORE: The artificial intelligence\u00a0boom\u00a0has been lauded for its innovation and productivity gains\u00a0\u2013\u00a0but it is also stirring fears that the technology could displace\u00a0banking\u00a0jobs.<\/p>\n
Banks have increasingly embedded AI in key areas of their business, from risk management and fraud detection to delivering more tailored customer experiences.<\/p>\n
Top executives from two of Singapore\u2019s largest banks, UOB and DBS, said on Thursday (Nov 13) that their priority is to help staff adapt instead of replacing them, despite fears that automation could make certain\u00a0job roles redundant.<\/p>\n
They were speaking to CNA at the Singapore FinTech Festival 2025, which is being held at the Singapore Expo from Wednesday to Friday.<\/p>\n
Mr Alvin Eng, UOB\u2019s head of enterprise AI at its innovation group, said the bank is focused on repurposing roles and equipping employees with the skills to work with AI.<\/p>\n
\u201cIt\u2019s a two-way thing. That’s why we provide the training and the platforms,\u201d noted Mr Eng.<\/p>\n
\u201cWe tell our staff, you need to be with us on this journey – you need to embrace this technology and learn with us. We’ll provide you with the tools.\u201d<\/p>\n
When asked how many of these jobs are being repurposed, he said the bank is looking at \u201croughly 10 to 15 per cent potentially for this initial stage\u201d, but added\u00a0a caveat that UOB does not have the actual numbers.<\/p>\n
He said the situation would evolve depending on the use cases, and that the bank has been \u201cvery active\u201d in training employees in the use of AI.<\/p>\n<\/div>\n