Singapore's DBS Group expects to dispense with 4000 contract and temporary emloyees over the next three years as AI takes centre stage.
Speaking at an event organised by Nasscom, DBS Ceo Piyush Gupta said that in 2016-17 the bank had identified 1600 jobs that were redundant due to increasing automation. While some of them retired and many others quit, around 1200 of them were absorbed in other roles.
However, the next round of job cuts due to automation is expected to be far more widespread, because “AI is different.” he says, pointing out that the technology is not a tool that requires human oversight.
“AI can actually self-create and can manipulate,” he says.
A DBS spokesman has clarified Gupta's remarks, stating: “The reduction in workforce will come from natural attrition as temp and contract roles roll off over the next few years.”
The bank has onboarded 1000 people to work on AI projects, putting the technology to use to manage frauds, scams and risk, for portfolio management and to onboard customers.
“Our customer engagement rates are up...the volume of business that customers do is also up," he says. "Our ability to underwrite customers and bring them on board changes dramatically.”