DBS Bank, Singapore’s largest bank, has announced a hiring freeze for positions that are likely to be automated due to the increasing use of artificial intelligence (AI) in banking operations. Instead of cutting jobs, the bank plans to retrain its employees to adapt to the changing landscape. According to CEO Tan Su Shan, DBS will “confront AI angst head-on” by redeploying staff into higher-value roles that require human judgment and empathy, such as advisory services, financial planning, and relationship management.
As AI systems take over routine functions like operations and customer service, DBS wants its workforce to focus on areas where human skills are essential. To achieve this, the bank is investing heavily in training programs that equip staff with digital literacy, data analysis, and advisory skills. For example, tellers are being retrained to become bankers, while bankers are being upskilled into financial advisors.
DBS’s approach reflects Singapore’s broader push to embrace AI while safeguarding jobs. Regulators have urged firms to prepare workers for technological disruption through reskilling initiatives. By retraining instead of downsizing, DBS hopes to balance efficiency with workforce resilience. The bank’s stance could set a precedent for Asian banks, emphasizing that while AI is here to stay, human skills remain vital in shaping the future of finance.
The hiring freeze is a pragmatic approach to automation, and observers note that it signals a shift towards a more sustainable and responsible approach to technological disruption. By investing in its workforce, DBS is ensuring that its employees remain relevant in an AI-driven future. The bank’s commitment to retraining and upskilling its staff demonstrates a strong commitment to its workforce and a willingness to adapt to the changing landscape of the financial industry. Overall, DBS’s strategy is a positive step towards harnessing the benefits of AI while protecting the livelihoods of its employees.