AI era brings new reality for bankers: Failure to upgrade skills may lead to being left behind

The global banking sector is undergoing rapid transformation. Artificial intelligence (AI) is no longer a technology of the future; it has already become an integral part of banks’ day-to-day operations. From loan analysis, fraud detection and customer service to risk management and document processing, the use of AI is expanding across various areas. As a result, the biggest challenge for banking professionals today is to adapt themselves to this new reality.

Recently, Lloyds Banking Group Chief Executive Charlie Nunn said AI would significantly transform the nature of many jobs. However, he also emphasized that employees must acquire new skills to succeed in the banking sector of the future.

Those who can adapt to technological changes will be better positioned to lead the industry in the coming years.

Why new skills becoming so important?
AI can perform many repetitive tasks faster and more accurately than humans, tasks that previously required banking professionals to spend hours completing. These include:
• KYC and document verification
• Initial loan assessments
• Responding to customer queries
• Fraud detection
• Report preparation

However, this does not mean the role of bankers will become obsolete. Instead, their responsibilities will evolve. Future bankers will need to focus more on high-value activities such as data analysis, decision-making, customer advisory services, complex problem-solving, and evaluating AI-generated outcomes.

What skills will future bankers need?
In the banking sector of tomorrow, traditional banking knowledge alone will not be enough. A successful banking professional will need:
• Basic understanding of AI and data analytics
• Fundamental skills in prompt engineering
• Knowledge of digital banking and automation
• Awareness of cybersecurity risks
• Critical thinking abilities
• The capability to provide personalized financial advice to customers

In other words, the combination of technological expertise and human skills will define the successful banker of the future.

Job cuts or new opportunities?
Many people fear that AI will reduce employment opportunities. While some routine-based roles may decline, new career opportunities are also emerging. These include positions such as AI specialists, data scientists, AI governance experts, model validators, digital risk managers, and AI auditors.

Major banks around the world are already investing in reskilling their employees, providing training on emerging technologies, and hiring specialists to support their digital transformation efforts.

Lessons for Bangladesh’s banking sector
AI is gradually making its way into Bangladesh’s banking industry. Its applications are increasing in areas such as credit scoring, fraud prevention, customer service, call centers, document verification, and risk management. To prepare for the future, Bangladeshi banks should:
• Introduce regular AI training programs for employees
• Develop a technology-driven work culture
• Make long-term investments in human resource development
• Ensure proper human oversight alongside AI adoption

AI should not be viewed as a competitor to bankers; rather, it is a powerful tool that can enhance their capabilities. However, professionals who fail to learn new technologies and upgrade their skills may struggle to remain competitive in the future banking landscape.

On the other hand, those who embrace continuous learning and effectively utilize AI will become the most valuable human resources in the banking sector of tomorrow.
Technology will continue to evolve, but the ability to learn, adapt, and innovate will remain the greatest strength of any professional.