Approximately 16% of the 97 job roles in the financial sector are expected to undergo significant transformation due to the advent of artificial intelligence (AI), says Human Resources Minister Steven Sim.
Sim said that 75% of roles will experience medium to low impact, while about 9% will emerge as new roles that are not commonly seen in the sector currently but will gain prominence in the near future.
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Sim said that 75% of roles will experience medium to low impact, while about 9% will emerge as new roles that are not commonly seen in the sector currently but will gain prominence in the near future.
Read more at https://shorturl.at/ziPz2
WATCH MORE: https://thestartv.com/c/news
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NewsTranscript
00:00Three, two, one.
00:04That's it, ladies and gentlemen, we have officially launched.
00:13And as a Human Resources Minister,
00:17deep down inside I have a little bit of worry when it comes to jobs.
00:22Jobs and wages are the two key issues that kept me awake for the last eight months since my appointment,
00:28kept me awake at night.
00:30And I think with technologies like this, can you imagine?
00:34Even your regular scam workers who make scam calls to you every day,
00:40they may go out of job very soon.
00:42Imagine more sophisticated AI softwares and systems capable of solving not only complex tasks,
00:50but also analyse trends, forecast and predict future outcomes,
00:55and then recommend the best possible actions or even execute those actions independently.
01:02Of course, in Kusuma, we are also proud that we adopted and adapted AI for some of our work.
01:10In HRD Corp, the major part of approval for grant applications are now processed by AI,
01:19from scanning, reading and analysing documents to ensure compliance,
01:24to generating output to aid faster decision-making on this grant application.
01:30And using AI, we have managed, under Kusuma and HRD Corp,
01:35we have managed to reduce the grant approval process from one week to less than one day.
01:43Another agency under Kusuma, Perkeso, which is our social insurance.
01:49In Perkeso, we have a task where Perkeso needs to issue a guarantee letter or what we call GL,
01:57guarantee letter to contributors and members of Perkeso who needs to be hospitalised
02:03so that they can receive free medical treatment.
02:07It takes three days to issue a GL when somebody needed to be hospitalised.
02:13Today, we are piloting AI to process and execute these tasks,
02:19thus reducing the lead time from three days to only one hour.
02:28There are many advantages, many strengths,
02:32when it comes to adopting and adapting AI and technology in our day-to-day work.
02:38But one very obvious downside to all this, especially vis-à-vis Ministry of Human Resources,
02:46is the roles of human workers will be greatly affected in all sorts of ways.
02:52So what do we do?
02:54For us, we believe it is crucial and very important to map out the future.
03:01We cannot depend on mere conjectures or luck when it comes to decision-making
03:06on how AI will affect the economy and the job market.
03:09Back in March 2024, just six months ago,
03:12Kesuma, we commissioned our newly mandated think tank, Talent Corp,
03:17to produce an impact report on the effects of AI,
03:21digitalisation and green economy on the Malaysian job market.
03:25Today, six months later, we have completed the report for 10 strategic economic sectors in Malaysia.
03:32These 10 sectors together will cover about almost 5 million jobs,
03:36constituting 60 to 70 per cent of our GDP.
03:42The report will tell us what is going to happen to our jobs in these sectors in the next three to five years.
03:50It will not only help players in these sectors to plan ahead,
03:54it also allows workers currently in these roles,
03:57or in roles which will be impacted within the next few years,
04:00to be alerted and therefore take action to pivot to different roles.
04:05Just a sneak preview of the report.
04:08In the financial sector report, which I launched together with the Governor of our Central Bank in July this year,
04:16out of 97 current financial jobs or roles surveyed,
04:2016 per cent will be highly impacted by the AI revolution,
04:25meaning these roles will likely face displacement or convergence.
04:30We are looking at roles such as Customer Service Officer,
04:34Investment Advisory and Execution Analyst,
04:37Direct Sales Agent, Product Sales Officer,
04:40Relationship Managers, Business Development Manager,
04:43Credit and Lending Officer, Investment Operations and Security Services Officer, etc.
04:50There are 75 per cent medium to low-impact roles and then about 9 per cent emerging roles.
04:58Some of the roles which will be highly impacted in the ICT sector
05:03may actually be medium or low-impact roles in other sectors such as E&E and F&B,
05:09or they may even be an emerging sector in other areas.
05:14We are looking to release the impact report within this month.
05:18And from there, Kusuma will be crafting our Skills Policy
05:23to ensure training strategies will actually address real gaps in the real world
05:30and not mere conjectures of politicians' minds.
05:34We will work together with our partner ministries,
05:37especially via the National Tibet Council, Majlis Tibet Negara,
05:41presided by the Deputy Prime Minister,
05:44to ensure skills education and training are designed to fulfil the needs of the real world.
05:51I believe this year's NHCCE's team on AI and the future workforce is very, very important.
05:59We have just set up our first dedicated AI faculty this year
06:03to complement established computer science faculties all over the country.
06:08Hence, for us here in Kusuma, it is very, very important for us
06:14to prepare our human capitals and our workforce to fully embrace this AI century.
06:22Kusuma, we aim to make Malaysia the AI human capital development hub of the region.