RISK AT RISK
ManpowerGroup Singapore’s Ms. Linda Teo, nation manager, noted how drastically AI and automation have advanced in performing monotonous and repetitive tasks.
Roles characterized by these things are more prone to effect from AI adoption, she said.
For instance, customer service representatives may be largely replaced by bots and digital assistants while data entry clerks are subject to robotics through AI-driven data processing tools. Some lender teller tasks may also be automated as online banking options become more complex.
Risk management tasks involving credit risk assessment and conformity security, according to Randstad Singapore’s Ms. Lim Chai Leng, are likely to be largely automated.  ,
Additionally, Ms. Lim, who is general manager of finance, life sciences, building, and house at Randstad, said AI is playing a growing role in online sales, marketing, and finance automation, where tasks like data crunching and fundamental analysis may change.
WHY IS BANKING AT THE FUTURE OF AI Deployment
Due to their vast amounts of data, which included customer lifecycles and historical market trends, banks were able to follow and incorporate AI more quickly than other industries, according to Ms. Lim.
According to Ms. Amber Chang, interact director at Michael Page Singapore, financial corporations also have the resources to make substantial investments in AI systems.
Given the current advantages that AI is currently offering in terms of productivity and profitability, she said,” I think institutions will continue to invest more in AI compared to other sectors.”
According to Ms. Teo of ManpowerGroup, companies in the financial field are constantly integrating AI, and some consumers are willing to share information for more quickly and efficiently.
She said that the banking sector is at the forefront of AI adoption because of the large volume of financial transactions, the complex nature of risk modeling, and the strict regulatory requirements in place there.
She did, however, point out that the finance sector has a proven track record of being able to adapt to technological shift. People judgment is still a must in many roles, where complex decision-making, relationship management, and humane considerations are required.
Additionally, the Singapore state and financial institutions are funding mentoring efforts to better equip workers for an AI-driven potential.
According to her,” the proactive steps being taken suggest that the effects may be important, but not necessarily disproportionately but, in comparison to other industries.”