IBF Singapore | Generative Artificial Intelligence Jobs Transformation Map (GenAI JTM)

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Jobs Transformation Map - Generative Artificial Intelligence

Financial institutions play a key role in supporting the workforce as they adopt AI/GenAI

As financial institutions adopt AI/GenAI, upskilling and reskilling their employees will be a key priority. Empowering employees to grow alongside technology adoption is key to unlocking the full potential of AI/GenAI for businesses and workers.

To support the financial sector workforce through this transition, MAS and IBF have partnered 10 leading financial institutions – Citibank, DBS, Franklin Templeton, HSBC, Income Insurance, Manulife, OCBC, Prudential, SCB, and UOB to pilot workforce transformation initiatives and to prepare Singapore’s financial sector workforce for an AI-enabled future. Together with WSG, MAS and IBF will unpack what AI/GenAI adoption means for specific job roles; and uplift, upskill and upbuild our workforce and young talent. The aim is to enable our workforce to harness the power of AI/GenAI to drive innovation and productivity, enhance customer experience, better manage risks and unlock new revenue streams.

Uplift

AI/GenAI literacy across the financial sector workforce

AI/GenAI has wide applicability. Every employee should be uplifted with foundational AI/GenAI skills, to understand what benefits the technology can bring them and how to use it responsibly and safely.

Upskill

Workers alongside role-specific AI/GenAI adoption

As AI/GenAI tools and solutions are implemented for specific job roles and business functions, users in these job roles will need to be upskilled with role-and tool-specific training.

Upbuild

Talent to be ready for an AI-enabled financial sector

New AI/GenAI talent, in the form of mid-career individuals and young talent, continue to inject new capabilities to the organisation amidst AI/GenAI adoption. Organisations will need to upbuild talent to be ready for an AI-enabled world.

Uplift AI/GenAI literacy across the financial sector workforce on three common foundational skills:

AI/GenAI principles & applications

Ethical & responsible AI/GenAI adoption

Prompt design

Jobs are augmented or redesigned:

To prepare talent, especially fresh graduates:

• Exposure to AI/GenAI and financial sector use cases through learning journeys, internships, apprenticeships and capstone projects / case competition with financial institutions

Augmented Jobs (in addition to AI/GenAI proficiency):
for use cases applied in job roles, to enable workforce to “do more” higher-value tasks in current job families.

Redesigned Jobs:
Work with financial institutions to redesign jobs to add new tasks outside current job family, reskill workers to take on the redesigned job roles.

Support for upskilling/reskilling

Courses:
IBF Programme Finder

Training Support:
IBF Standards Training Scheme (IBF-STS)
Financial Training Scheme (FTS)

Finance Associate Management Scheme (FAMS)

Career Conversion Programmes (CCP)

In the Spotlight

DBS_Bank_Logo

DBS Equips Its Workforce for the AI-Driven Future

DBS has been at the forefront of digital transformation. The bank has been deploying AI for over a decade, with more than 1,500 AI models applied across over 370 use cases. These span across the bank, from risk management, operations to customer engagement, generating over SGD 750 million in economic value in 2024 alone.

Rosepriya Chidambaram exemplifies this transformation; reskilling from a call centre role to SME Relationship Manager, she now uses Gen AI to work smarter and deepen client relationships.

Read More >

How OCBC’s Workforce is Leveraging Generative AI

By embedding AI literacy and encouraging hands-on use, OCBC is enabling employees to reimagine their work with GenAI—whether through automation, faster information retrieval, or compliance transformation. The result is a workforce that is not only ready for the future of banking, but actively shaping it.

Read More >

UOB Logo

Building the Next Generation of AI/GenAI Talent

To meet the growing demand for AI and GenAI expertise in the financial sector, UOB has partnered with the Infocomm Media Development Authority (IMDA), the National University of Singapore (NUS), and the Institute of Banking and Finance (IBF) to launch the AI and Data Analytics Centre of Excellence (AIDA CoE).

One such talent is Ashton Low, who applies AI and GenAI to transform banking processes and drive sustainable innovation at UOB.

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Advancing AI-driven innovation in banking as we build a skills-based organisation

Standard Chartered is advancing AI-driven innovation while building a skills-based organisation. The Bank is investing S$4.5 million in AI and data learning initiatives to help employees use AI safely and lead responsibly. Its IBF-accredited AI literacy programme equips staff with future-ready skills.

One beneficiary, Marcus Wee, now uses AI tools to deliver faster insights and improve customer support. By combining technology, training and a people-first approach, Standard Chartered is developing a workforce ready for an AI-powered future.

Read more >

Resources

GenAI Jobs Transformation Map (JTM): A look at how GenAI could reshape jobs and skills in Singapore’s financial sector over the next 5 years till 2030

In 2024, MAS and the Institute of Banking and Finance (IBF), in partnership with Workforce Singapore (WSG), conducted a study to examine the likely use cases and potential adoption trends of GenAI over the next five years, the impact these trends may have on jobs and the emerging skills the workforce would require to be well-prepared to embrace these transformations.

This study provides one possible view of adoption trends and impact based on McKinsey’s methodology and discussions with some financial institutions in Singapore. Adoption and impact in practice will depend heavily on the pace and scale of adoption of use cases by various financial institutions, as well as how technology develops.

Click here to view key takeaways from the GenAI JTM or here to view more details and download the full report.

Introducing PathFin.ai

pathfinai

MAS Pathfinder Programme for financial sector AI adoption, or PathFin.ai, is a collaborative initiative between the MAS and the financial industry that fosters knowledge exchange in Artificial Intelligence (AI) implementations. Participating financial institutions share their experience implementing AI solutions while also gaining insights from the collective experiences of their peers.

PathFin.ai curates a library of proven AI solutions and implementation best practices among FIs. By centralising these resources and insights, the programme seeks to reduce the time and effort financial institutions need to search, select and effectively implement AI solutions.