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One third of job roles in finance may be impacted by automation: MAS-IBF study

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With the rise of data analytics and automation, the next three to five years may see a third of job roles in Singapore's finance industry performed by fewer workers, potentially reducing overall demand for workers in specific job roles.

WITH the rise of data analytics and automation, the next three to five years may see a third of job roles in Singapore's finance industry performed by fewer workers, potentially reducing overall demand for workers in specific job roles.

That's according to fresh findings on the impact of data analytics and automation on the future workforce, released on Tuesday by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF).

The study focuses on three technology trends which are shifting the nature of job roles in the financial services industry: robotic process automation, advanced analytics and artificial intelligence.

It covers 121 job roles - representing over 90 per cent of jobs in the financial sector - across front office, mid-office, back office, and enterprise functions in Singapore's financial services industry.

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Of those, 40 job roles may be converged or displaced as the range of job tasks performed by those roles are prone to automation, the report said. Such roles include that of a bancassurance officer in retail and corporate banking, and investment performance analyst in asset management.

MAS and IBF hope the study, which also analyses skills that will be needed to meet future job demands, will be used by financial institutions to preemptively re-skill employees whose job roles are likely to be more significantly impacted.

Tech advancements are also expected to create new roles in areas such as information technology, data and analytics, and compliance and marketing.

On Tuesday, IBF also launched a Technology in Finance Immersion Programme, which aims to develop a pipeline of talent for technology roles in the finance industry.