AI To Replace Traditional Roles At DBS Bank
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DBS Bank has revealed plans to reduce its workforce by 10% over the next three years. The company said about 4,000 jobs will be affected as it moves towards using artificial intelligence (AI) in its operations. It noted that contract and temporary roles will not be renewed once they end. This decision is part of the bank’s shift towards AI-driven banking services.
Piyush Gupta, DBS’s current leader, said the company is facing a challenge in creating new job opportunities. According to the update, AI is advancing rapidly, changing how work is done in the banking industry. He noted that AI can now perform tasks that were previously done by employees. DBS said it is adjusting its workforce to match this new way of working.
DBS Plans To Introduce 1,000 AI-focused Jobs
Gupta said DBS is planning to introduce 1,000 new jobs focused on AI. He said these roles will support the bank’s efforts to expand its AI-powered services. He added that while AI is replacing some tasks, it is also creating opportunities in new areas. The bank is working to find ways to help employees move into different roles.
This is not the first time DBS has introduced some changes to its workforce due to technology. The bank said during its digital shift, many employees were moved into new roles. However, Gupta said AI-driven changes are more complex this time. He explained that finding ways to repurpose employees is proving to be more difficult.
According to the update, DBS has been careful while using AI for customer interactions. The bank said AI has some risks, such as providing incorrect information. It said it launched startup AI programs for customer service and plans to expand them later this year. The company is ensuring these AI systems are reliable before wider use.
DBS Introduces AI To Help With Credit Underwriting And Customer Outreach
DBS said it first experimented with AI over ten years ago. According to the bank, earlier attempts did not bring major results. However, it said AI has now improved and is being used for credit underwriting, customer outreach, and recruitment. Gupta added that while AI is not perfect, it has already improved banking processes.
The company said it plans to introduce some leadership changes as Tan Su Shan prepares to take over as the new leader.
According to reports, Gupta will step down on March 28 after leading the bank for several years. The bank explained that this change is happening as it continues to expand AI-driven services. Tan will oversee how the bank adapts to this transition.
DBS said reducing its workforce by 10% is necessary as it transforms its operations. AI is reshaping the industry and changing how work is done. The company also said the next few years will be important in adjusting to this new way of banking. The firm remains focused on both technology and employee development.
