The Banking Executive Magazine - July 2024 Issue

AI and the Future of Employment in Banking augmenting human capabilities and can lead to job displacement and in- creased surveillance. Arab banks, known for their robust growth and innovation, are uniquely positioned to redefine the integration of AI in finance. These institutions can lead by example, focusing on deploying AI to enhance employee productivity and improve customer service rather than merely reducing headcount. For example, AI could be employed to provide personalized fi- nancial advice, detect fraudulent transactions with greater efficiency, or manage risks by analyzing vast data sets with speeds and accuracies unattainable by humans. Moreover, the Arab banking sector can influence global banking norms through a unique blend of regional values and international reach. By prioritizing ethical AI usage that re- spects privacy and enhances job quality, these banks can set new global standards for responsible AI application in finance. As we navigate this new technologi- cal era, it is crucial to remember Ri- cardo’s revised insights. The deployment of AI should be a delib- erate choice that fosters new oppor- tunities for the workforce and respects the dignity of all workers. Arab banks should advocate for and help shape regulatory frameworks that ensure AI applications in bank- ing prioritize augmenting human work and protecting client data. In conclusion, the historical lessons from Ricardo’s era are incredibly per- tinent today. As AI reshapes the land- scape of banking and finance, it is incumbent upon today’s leaders to steer this technology towards out- comes that benefit the entire eco- nomic ecosystem. This entails advocating for policies that foster in- novation while ensuring economic stability and workforce inclusivity. Arab banks and bankers have the op- portunity—and indeed, the responsi- bility—to lead these efforts, ensuring that AI serves as a tool for progress, not merely profit. By doing so, they will not only safeguard their work- force but also strengthen the trust and reliability that are the bedrock of the financial sector. In moving forward, Arab banks and their leaders must not only embrace AI but actively participate in shaping its trajectory. The future will likely hold incredible technological ad- vancements, and by learning from the past and anticipating future chal- lenges, these institutions can ensure that AI is harnessed as a force for good, propelling the banking indus- try toward a more inclusive and sus- tainable future. the BANKING EXECUTIVE 30 ISSUE 187 JULY 2024