As AI Transforms Banking, Can Singapore Build the Talent to Keep Up?

As AI Transforms Banking, Can Singapore Build the Talent to Keep Up?

With artificial intelligence now established as a key business driver, Singapore’s financial industry stands at a pivotal juncture. Given Singapore’s role as Asia’s premier banking hub, the sector has a unique opportunity and responsibility to define how AI reshapes the workforce in financial services, argues Liam Mobsby of Capco in his op-ed for finews.asia.

This begs the question: what skills will be needed in financial services, and how can Singapore stay ahead in the race for talent?

With artificial intelligence (AI) able to analyze portfolios, anticipate client needs, and generate real-time investment ideas, bankers will no longer be expected to simply convey the information that clients already have at their fingertips.

Fluent in Interpreting AI Insights

Instead, the human value-add lies in judgment, empathy, and contextual advice. Relationship managers must now be fluent in interpreting AI insights, guiding clients through complex decisions, and building trust that algorithms cannot replicate. In short, bankers won’t be replaced by AI, but by other bankers who know how to use it.

Front-line bankers don’t need to be technical AI experts; rather, they must understand the emerging AI capabilities, be data-savvy, and aware of the limitations, potential risks, and biases inherent in the new technology.

Tech and Ops: From Enablers to Builders

At Capco, we’ve seen AI agents transform client journeys, from onboarding and credit application automation to compliance orchestration. Technology and operations teams are now designing the digital rails that will underpin future customer experiences and risk outcomes.

As financial firms align around these client journeys, the boundaries between business, operations, and technology continue to blur. This elevates the importance of domain expertise, product knowledge, and client-centricity. Teams should question ‘why couldn’t AI do this task instead’ as the technology’s capabilities grow rapidly.

Singapore remains a leading talent hub, but that advantage is under threat. Engineers can now work from anywhere, and global competitors – from fintechs to tech giants – are actively recruiting.

Winning the War for Tech Talent

To remain a magnet for top talent, Singapore must compete differently. Talent seeks purpose, autonomy, and visibility. Top tech talent wants to solve meaningful problems and continuously drive innovation.

Banks must reframe their value proposition: technology and operations roles should be visible, strategic, and central to transformation. This means that agile teams, flatter hierarchies, and defined career paths for engineers and product leads are essential.

In such a rapidly evolving talent market, recruitment within financial firms should focus on capabilities and skills over mere experience and domain knowledge. The future is not about hiring people who know a specific process, regulation, or product, but about those who also bring digital, data, and client skills. 

Singapore’s Opportunity

Few jurisdictions combine regulatory clarity, infrastructure maturity, and cross-border capital access like Singapore. That makes it an ideal proving ground for AI-infused banking.

AI won’t redefine the sector on its own – people will. Singapore’s future as a global financial center depends on building the human systems to harness AI adoption. In the age of AI, the institutions that win will be those that can seamlessly combine the most powerful algorithms with the adaptability and judgment of human talent.

Liam Mobsby, is Head of Singapore and Partner at Capco, a global management and technology consultancy, specializing in driving digital transformation in the financial services. He advises banking and capital markets clients across Asia on operating model transformation, AI strategy, and future workforce design.