Banking, finance jobs will change but not disappear as AI evolves: Accenture

It can boost operational efficiency and open up new revenue streams, say observers

- Chor Khieng Yuit

The rapidly evolving technology of generative artificial intelligence or Gen AI is unlikely to eliminate many banking jobs, but the nature of them will change.

The forecast comes from Mr Michael Abbott, global banking lead at Accenture, who noted: "Banking is still going to be about relationships, trust and deposits.

"Gen AI will rewire how nearly every job in banking is run."

But he also noted that an organisation still needs product experts in credit cards, mortgages and car loans, for example.

The challenge of AI is not as daunting as many may think, as Ms Emily Prince, group head of analytics at the London Stock Exchange Group (LSEG), noted.

Ms Prince said a worker does not have to be an expert in AI to use the technology, but will need to be curious and have "baseline mathematics, physics and engineering" knowledge, similar capabilities required of people in financial services now.

This is because the technology is freely available and, once it is deployed in an organisation, harnessing it boils down to an individual's area of speciality, she added.