Standard Chartered CEO calls for AI guardrails, says human judgment remains key to jobs
In an exclusive interview with CNA’s Julie Yoo, Mr Bill Winters also discusses the contrasting fortunes across China's economy and the impact of the Middle East conflict on Gulf nations.
The Standard Chartered Group CEO, Bill Winters, called for stronger regulation and international cooperation during an interview at the Milken Institute Asia Summit in Singapore on October 9. Winters emphasized the need for guardrails on artificial intelligence (AI) to manage emerging risks, alongside acknowledging its business opportunities.
He also discussed the impact of the prolonged Middle East conflict on Gulf nations, noting contrasting economic fortunes across China and the region. Winters spoke about using AI to enhance customer experiences and efficiency at Standard Chartered, but warned that cybercriminals could exploit the technology for security breaches.
He highlighted a cyber arms race, where businesses must strengthen AI-based defensive capabilities. Regarding job displacement due to automation, Winters stated that while some roles would change, the bank would continue to reskill employees as AI becomes more prevalent. He also predicted that roles requiring human judgment and interaction, such as in wealth management, would remain crucial.
Winters highlighted China's green technology, electric vehicles, and electronics industries as areas of growth, while acknowledging the property sector's struggles and China's economic reliance on fiscal and monetary policies. Despite the Middle East conflict, Winters expressed confidence in the region's resilience, particularly in Gulf economies like Saudi Arabia and the UAE.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
