DBS Group is proactively retraining its workforce to adapt to the rise of artificial intelligence in banking. Singapore's largest lender will no longer hire for positions expected to be replaced by AI. Instead, the bank is reassigning and retraining existing staff for new roles. CEO Tan Su Shan stated that employees in roles affected by AI will be moved into training programmes.
The bank is investing heavily in training programmes to build skills in areas such as data analysis and advisory services. DBS is shifting its workforce towards higher-value positions that require human judgement and empathy, such as relationship management. This strategy reflects a broader trend in Singapore, where major banks are retraining employees to prepare for AI-driven changes.
The transition aims to enhance efficiency and reduce costs while retaining talent. DBS previously disclosed it had deployed AI models across numerous use cases and anticipated a significant economic impact. The bank expects AI to reduce the need for temporary staff, with potential workforce reductions managed through natural attrition.
