The AI Business Revolution

Technology is evolving at a lightning speed, and one of the biggest game-changers is artificial intelligence (AI). From self-driving cars to smart assistants, AI is everywhere and it’s reshaping the way businesses operate. But as AI becomes smarter, faster, and more efficient, it’s also raising some serious questions: what happens to human workers? Will jobs be lost, or can we find new ways to thrive in this AI-driven world?

Let’s see how AI is affecting businesses, using one of Asia’s biggest banks, DBS Bank, as a case study.

AI's Impact on Businesses

Singapore’s DBS Bank is one of the first major financial institutions to openly discuss how AI is changing its workforce. Over the next three years, the bank expects to reduce 4,000 jobs mostly through natural attrition, as AI takes over many tasks that were once done by humans.

But it’s not all doom and gloom. The bank also plans to create around 1,000 new roles focused on AI-related work. So, while some jobs may disappear, others that require a new set of skills will emerge. This shift is a reflection of a broader trend happening in businesses worldwide. AI is expected to improve efficiency and reduce costs, but it also requires businesses to rethink their workforce.

DBS Bank has been using AI for over a decade, and it currently deploys more than 800 AI models across 350 use cases. These models are expected to generate an economic impact of over S$1 billion (around $745 million) by 2025. But while AI is bringing in financial benefits, it’s also reshaping how jobs are done.

The International Monetary Fund(IMF) declared in 2024 that AI is set to affect nearly 40% of all jobs worldwide. The IMF's managing director Kristalina Georgieva said that "in most scenarios, AI will likely worsen overall inequality".

Looking at things from the other side, the governor of the Bank of England, Andrew Bailey stated last year that AI will not be a "mass destroyer of jobs" and human workers will learn to work with new technologies. Mr Bailey said that while there are risks with AI, "there is great potential with it".