AI to make some banking roles obsolete, says futurist

Artificial intelligence will make certain banking roles obsolete in the coming years, according to futurist Brett King. King emphasized the need for banks to retrain employees to adapt to the rapid adoption of the technology, stating that the skill set in banks will shift towards agentic operation. While new employees will be necessary over the next decade, they will all be AI agents.

Some roles may become obsolete, while others will require retraining. JP Morgan Chase has already eliminated 30 to 40 percent of headcount in some departments through AI, and Amazon announced 16,000 job cuts worldwide in January as it expands AI adoption. King predicted that in the 2040s, JP Morgan Chase may have only a few thousand employees due to automation.

He highlighted that 99 percent of banking could be automated through AI, making banks more cost-effective and operationally efficient. The Middle East and Africa must develop unique banking models due to distinct demographic shifts, particularly in the Mena region, where 60 percent of the world's youth will live by 2024. The UAE, ranked fifth most competitive nation globally, excels in economic performance, bureaucracy, adaptability, employment, international experience, national culture, and quality of air transport, according to the IMD World Competitiveness Ranking report.