ROLES AT RISK
Ms Linda Teo, country manager of ManpowerGroup Singapore, said AI and automation have advanced significantly in executing repetitive and predictable tasks.
“Roles characterised by such tasks are more susceptible to impact from AI adoption,” she said.
For example, data entry clerks face automation through AI-driven data processing tools, while customer service representatives may be partially replaced by chatbots and virtual assistants. As digital banking solutions become more sophisticated, some bank teller functions may also be automated.
Ms Lim Chai Leng of Randstad Singapore said risk management roles involving credit risk assessment and compliance surveillance are likely to be partially automated.
In addition, AI is playing an increasing role in digital sales, marketing and finance automation, where tasks like data crunching and basic analysis may evolve, said Ms Lim, who is general manager of banking, life sciences, construction and property at Randstad.
WHY BANKING IS AT THE FOREFRONT OF AI ADOPTION
Banks were able to adopt and integrate AI more quickly than other sectors due to their vast amounts of data, spanning customer lifecycles to historical market trends, said Ms Lim.
Financial institutions also have the resources to make significant investments in AI technologies, said Ms Amber Chang, associate manager at Michael Page Singapore.
“Given the current benefits AI is providing in improving efficiency and profitability, I believe banks will continue to invest more in AI compared to other industries,” she added.
Ms Teo of ManpowerGroup said financial sector employers are actively integrating AI, and many consumers are willing to share data for faster, more streamlined services.
“The sheer volume of financial transactions, the sophisticated nature of risk modelling and the stringent regulatory requirements within the banking sector place it at the forefront of AI adoption,” she said.
However, she pointed out that the banking industry has a strong track record of adapting to technological change. Many roles require complex decision-making, relationship management and ethical considerations – areas where human judgment remains essential.
The Singapore government and financial institutions are also investing in upskilling initiatives to prepare employees for an AI-driven future.
“The proactive measures being taken suggest that the impact may be significant, but not necessarily disproportionately so, compared to other industries,” she said.
