By Ishita Malakar
DBS Group CEO Mr. Piyush Gupta disclosed about at least 10% reduction in the company’s workforce in the coming three years with the coming in of artificial intelligence and the ease of work it has brought forth.
Gupta added that Artificial Intelligence is different from anything he has experienced in the past and for the very first time in his working period, which is over 15 years, he is facing an issue to generate newer job opportunities at the helm of this Singaporean bank.
He has clearly mentioned at an important business occasion held at the Indian IT Industry lobby group Nasscom event that in the coming three years, his company is going to reduce its workforce by at least 4000 employees, which is almost a 10 percent reduction.
“AI is very powerful. It can self create and also mimic”, remarked Gupta at this gala event. There have been no job cuts in the group since the last 10 years. Around the year 2016-17, the Singaporean bank set its foot for a more digitally transformed experience that impacted about 1600 of its workforce but soon enough, most of these people had to deviate from it and joined consultation with unions and other representatives.
The main issue as he mentions lies in there are numerous challenges he is facing in repurposing the current workforce. The employees who will be involved in the cutting down of his workforce will majorly include temporary staff and those who are hired on contract basis.
His company has majorly involved AI for customer outreach handling purposes but has been cautious of the same because it’s too soon for his company to sow the benefits of Artificial Intelligence and since it can also hallucinate. However they have done their research and has already used and tested it once for customer outreach and is soon going to implement it fully by the end of the year.
Some of the major areas his company has implemented AI include customer outreach, credit understanding and also recruiting and hiring and is soon to going to implement in more such areas.