Adapting to Artificial Intelligence through Workforce Re-skilling within the Banking Sector in South Africa

Abstract

This research paper intends to inspire the banking sector to re-skill the workforces and present the opportunities in re-skilling the banking institution's workforces in South Africa to adapt to the roll-out of Artificial Intelligence technologies. The research addresses the factors that contribute to the worker's re-skilling and the skills that are needed for the banking workforce to survive in the competitive labor market of the fourth industrial revolution which may result in the obsolete of many job skills. This research also considers the relevant skills and competencies that will be on-demand by the future banking workforces to enable them to successfully adapt to the aspects of the 4IR technological innovations inclusive of the AI toolset such as machine learning, blockchain, nanotechnology, robotics, Internet of Things, biotechnology, cloud computing and so forth, which may ultimately impact the workforce's performance and productivity in the banking institutions. The research uses descriptive statistics and inferential statistics. The research has achieved results based on the assessment of the relationship between workforces' capabilities and the components that make up Artificial Intelligence toolset. The findings show that the adaptation of AI strongly depends on most of the stated skills, therefore banks are required to re-skill their workforces to adapt to AI advanced technologies to make them relevant in the future. Re-skilling the banking workforce to cooperate and collaborate effectively with Artificial Intelligence will enable not only efficiency but futuristic innovation and continuous growth.