Job security in the age of digital technology
Artificial intelligence and other technologies, admittedly, would destroy some jobs, but it will also create new ones. Further, despite emerging technologies such as artificial intelligence (AI) and established electronic data sharing, there are clients who enjoy over-the-counter transactions. Banks need to walk a fine line between the two.
Although digitalisation is rapidly happening in the financial sector, the association of bankers in the country have reassured Filipinos that it does not pose a threat to the hiring of more workers as banks continue to open doors to entry-level applicants.
According to a recent report, the banking industry is not laying off workers as the over 12,000 bank offices in the country play a big role in providing jobs.
Banking employees are vital in providing quality service. With the effort of banks in financial inclusivity, it is expected that more bank branches are opening, which calls for job hiring to cope with the increasing demand for banking and financial services across the country.
Rapid digitalisation does not pose a threat at all to the manpower needed in providing quality banking services.
This is despite having more people prefer emerging technologies such as artificial intelligence (AI) and data sharing over traditional means.
No layoffs will happen just because the country has entered the digital age because banking clients enjoy both over-the-counter and online transactions. Banks need to cater to the different demands, hence, the need to diversify.
Emerging technologies are expected to assist banks to provide financial and banking services that are more personalised and relevant to their customers.
Bankers noted that even technology has its limitations especially in developing trust between the client and the bank.
Furthermore, the continuous increase of bank profitability and sustained economic growth would yield more jobs from the banking sector.
Fresh graduates want to establish their careers as bankers and financial consultants which prove that the banking profession continues to be an in-demand opportunity.
Moreover, banks need graduates who are willing to take up the challenge in moving the sector forward in the age of digital revolution.
As the banking industry moves forward, it is crucial to have capable individuals who are willing to work for the benefit of the country.
In a recent report, one of the leading IT companies seems to be in agreement with what the association of bankers have said.
Although doomsday scenarios of machines replacing people have been floating around, it has not happened yet and will not likely happen.
Artificial intelligence and other technologies, admittedly, would destroy some jobs, but it will also create new ones.
The economy is dynamic so that when new technology is introduced, it will drive productivity growth. And when productivity growth is driven, the economy grows, which will create new jobs.
It should be acknowledged though that jobs may change as there are many factors that affect the adoption of technology. Changes will not be monolithic nor will it happen all at once.