---
title: "The Future of Work in Financial Services: Navigating the GenAI Revolution"
description: Explore the impact of GenAI on financial services jobs and skills. Find out how Singapore can leverage these changes for AI innovation and new opportunities in the workforce.
---

[SFF 2024 Session Recordings ](https://39936595.hs-sites.com/sff-2024-session-recordings)

# [The Future of Work in Financial Services: Navigating the GenAI Revolution](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/the-future-of-work-in-financial-services-navigating-the-genai-revolution)

 Written by [GFTN](https://39936595.hs-sites.com/sff-2024-session-recordings/author/gftn) | Nov 16, 2024 5:00:00 AM

 

Delivered at the Singapore FinTech Festival, this panel explored how Generative AI (GenAI) is reshaping the financial services industry, driving economic opportunities, transforming roles, and redefining skillsets. 

 

**Key Highlights** 

**1. The economic opportunity of GenAI** 

- *Global Impact*: According to McKinsey research,financial services stand to gain $200–340 billion in economic value from GenAI, driven by four key functions: sales and marketing, engineering and technology, customer operations, and risk management. 
- *Workforce Shifts*: GenAI will create "supercharged professionals," lead to some job displacement, and empower "creative disruptors" to leverage unique expertise. 

 

**2. The impact of GenAI adoption on jobs in the financial services sector?** 

- Adoption speed will vary across institutions, with early adopters gaining efficiency and productivity benefits. 
- For roles requiring human interaction, GenAI is likely to augment rather than replace human efforts, emphasizing skills like prompt engineering and responsible AI use. 

 

**3. Preparing for the Future** 

- Individuals must cultivate adaptability, technical knowledge, and a commitment to lifelong learning. 
- Skills such as framing problems, connecting dots, and learning agility will become more critical than specialized domain expertise. 

 

**4. IBF’s Role in Workforce Transformation** 

- Updated Jobs Transformation Map (JTM): Detailed skill requirements for roles and personalized career guidance with integrated GenAI tools. 
- Training ecosystem: Launching of foundational GenAI courses which are co-funded by IBF, skills badges and IBF certifications.  
- Job support: Career conversion and advisory services to aid workforce transitions. 
- Collaboration with Institutes of Higher Learning (IHL): Shaping curriculum to prepare young talent for the future through exposure to industry applications nad tools.  

 

**Conclusion** 

Generative AI is unlocking immense potential in financial services, demanding a workforce that is skilled, adaptable, and ready to thrive in a rapidly evolving landscape. 

 

Watch Full Session

 

Speakers:

- Carolyn Neo, Chief Executive Officer, Institute of Banking and Finance
- Lim Him Chuan, Head, Group Strategy, Transformation, Analytics and Research (GSTAR), DBS Bank
- Tram Anh Nguyen, Co-founder, Centre for Finance, Technology and Entrepreneurship (CFTE)

 

**Moderator:**

- Sanjna Parasrampuria, Partner, McKinsey & Company

  

  

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