SINGAPORE: The artificial intelligence boom has been lauded for its innovation and productivity gains – but it is also stirring fears that the technology could displace banking jobs.
Banks have increasingly embedded AI in key areas of their business, from risk management and fraud detection to delivering more tailored customer experiences.
Top executives from two of Singapore’s 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 job roles redundant.
They were speaking to CNA at the Singapore FinTech Festival 2025, which is being held at the Singapore Expo from Wednesday to Friday.
Mr Alvin Eng, UOB’s 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.
“It’s a two-way thing. That's why we provide the training and the platforms,” noted Mr Eng.
“We 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.”
When asked how many of these jobs are being repurposed, he said the bank is looking at “roughly 10 to 15 per cent potentially for this initial stage”, but added a caveat that UOB does not have the actual numbers.
He said the situation would evolve depending on the use cases, and that the bank has been “very active” in training employees in the use of AI.
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Banks have increasingly embedded AI in key areas of their business, from risk management and fraud detection to delivering more tailored customer experiences.
Top executives from two of Singapore’s 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 job roles redundant.
They were speaking to CNA at the Singapore FinTech Festival 2025, which is being held at the Singapore Expo from Wednesday to Friday.
AUGMENTING HUMAN CAPABILITIES
Mr Alvin Eng, UOB’s 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.
“It’s a two-way thing. That's why we provide the training and the platforms,” noted Mr Eng.
“We 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.”
When asked how many of these jobs are being repurposed, he said the bank is looking at “roughly 10 to 15 per cent potentially for this initial stage”, but added a caveat that UOB does not have the actual numbers.
He said the situation would evolve depending on the use cases, and that the bank has been “very active” in training employees in the use of AI.
Continue reading...