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Scaling AI demands fresh skills

Banks must upskill their workforce, hire strategically, and retain sought-after AI talent.

Scaling AI demands fresh skills

Asked about the challenges of creating value from agentic AI, 58% of banks highlighted a lack of technology skills and capabilities. So, banks are aware that AI creates skills challenges.

There are two areas to address here. First, the entire workforce needs to be upskilled with the competence and confidence to use AI-powered tools. A combination of targeted training courses and change management programs is essential.

Second, banks must add specific capabilities to their technology teams as AI is scaled. “You need more skills than those required to create AI models,” explains BDO Unibank’s Saw. “You need software engineers, UI and UX specialists, business analysts that can translate business issues into technical requirements and, importantly, those that can set up AI governance.”

You need more skills than those required to create AI models. You need software engineers, UI and UX specialists, business analysts that can translate business issues into technical requirements and, importantly, those that can set up AI governance.

Cindy Saw, Head of IT Group, Data and Analytics, BDO Unibank

of banks highlighted a lack of technology skills and capabilities.

Source: EY sponsored report with MIT Technology Review Insights.

New expertise, and how to
hold on to it

Sameer Gupta, EY Americas Financial Services AI Leader, agrees that banks will need to add to their workforce: “Whether it’s AI and data engineers, application developers or those with cybersecurity expertise, banks need anywhere between three and five times the number of people they had five years ago.”

How can banks attract this talent? As well as offering the essentials such as competitive compensation and benefits, they could publicize their investments in AI.

People with the right AI skills might not think of corporate and commercial banking as a natural sector for them, so banks will need to communicate that they’re embracing AI and that it’s central to their growth strategies.

Retaining these skills is also important. People with this in-demand expertise will stay at the bank for longer if they’re exposed to different projects and teams and given a clear career path.

Whether it's AI and data engineers, application developers or those with cybersecurity expertise, banks need anywhere between three and five times the number of people they had five years ago.

Sameer Gupta, EY Americas Financial Services AI Leader

Key actions

Continuously upskill the entire workforce so they can make the most of AI tools.
Assess the skills that will be needed now and in the future to scale AI across the organization and where there’s a shortfall.
Improve retention of important capabilities by creating compelling career paths.