Tengku Zarina, CEO of the Securities Industry Development Corporation (SIDC), the training and development arm of the Malaysian Securities Commission, asked Matthew to keynote SIDC's annual leadership summit on the future of work and the workforce, with a special focus on the impact of AI.
Matthew has spoken on this topic many times since the arrival of tools such as ChatGPT, but this brief was different. Rather than the impact of AI on a company, industry or set of job roles, he was asked to explore its impact on employability, employment opportunity, the workplace and, finally, banking itself.
"AI will help people learn more, faster, and make them more employable across a much broader range of domains than they are today. But, at the same time, it will depress wages and flatten pay scales."Matthew Griffin, Virtual, December 2023
Everyone understands that AI will both automate and augment work, with good and bad consequences. Less discussed is how it changes employability. Personalised skills assessments will let AI build personalised training for each person, helping people learn more, faster, and become employable across a far broader range of domains. At the same time, it will depress wages and flatten pay scales.
On opportunity, AI will play a growing role in helping candidates find jobs and in placing and onboarding them faster, and increasingly in managing, monitoring, disciplining and even firing them.
On whether AI could ever replace humans in private banking, his answer was not the one many expect: humans stay very much in the loop, at least until the rise of androids, digital humans and metaverse beings, each of which will bring its own impact.
