The Future of Work in Financial Services: Navigating the GenAI Revolution

 

Delivered at the Singapore FinTech Festival, this panel explored how Generative AI (GenAI) is reshaping the financial services industry, driving economic opportunities, transforming roles, and redefining skillsets. 

 

Key Highlights 

1. The economic opportunity of GenAI 

  • Global Impact: According to McKinsey research,financial services stand to gain $200–340 billion in economic value from GenAI, driven by four key functions: sales and marketing, engineering and technology, customer operations, and risk management. 
  • Workforce Shifts: GenAI will create "supercharged professionals," lead to some job displacement, and empower "creative disruptors" to leverage unique expertise. 

 

2. The impact of GenAI adoption on jobs in the financial services sector? 

  • Adoption speed will vary across institutions, with early adopters gaining efficiency and productivity benefits. 
  • For roles requiring human interaction, GenAI is likely to augment rather than replace human efforts, emphasizing skills like prompt engineering and responsible AI use. 

 

3. Preparing for the Future 

  • Individuals must cultivate adaptability, technical knowledge, and a commitment to lifelong learning. 
  • Skills such as framing problems, connecting dots, and learning agility will become more critical than specialized domain expertise. 

 

4. IBF’s Role in Workforce Transformation 

  • Updated Jobs Transformation Map (JTM): Detailed skill requirements for roles and personalized career guidance with integrated GenAI tools. 
  • Training ecosystem: Launching of foundational GenAI courses which are co-funded by IBF, skills badges and IBF certifications.  
  • Job support: Career conversion and advisory services to aid workforce transitions. 
  • Collaboration with Institutes of Higher Learning (IHL): Shaping curriculum to prepare young talent for the future through exposure to industry applications nad tools.  

 

Conclusion 

Generative AI is unlocking immense potential in financial services, demanding a workforce that is skilled, adaptable, and ready to thrive in a rapidly evolving landscape. 

 

Watch Full Session

 

Speakers:

  • Carolyn Neo, Chief Executive Officer, Institute of Banking and Finance
  • Lim Him Chuan, Head, Group Strategy, Transformation, Analytics and Research (GSTAR), DBS Bank
  • Tram Anh Nguyen, Co-founder, Centre for Finance, Technology and Entrepreneurship (CFTE)

 

Moderator:
  • Sanjna Parasrampuria, Partner, McKinsey & Company
 
 

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