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Banks need to keep up with tech-driven changes in the industry

THE former Citigroup Inc CEO, Vikram Pandit, said recently that new technologies such as artificial intelligence (AI) could result in a 30 per cent cut in banking jobs over the next five years. AI and robotics are indeed reducing the need for staff in many back-office roles. The adoption of AI is not just resulting in staff reductions, it is also changing traditional processes and systems within financial services. Looking ahead, AI will become...


DBS clients can now track cross-border payment live

DBS Bank's business clients in Singapore and Hong Kong can now track their cross-border payments in real time, so they can manage their cash better. In the past, companies have struggled to track cross-border payments as these transactions are routed through multiple banks, each with different processing times. But now companies can find out, for example, whether funds have been received by the beneficiary or whether they are still being...


AIA's new firm 'luring hundreds of rival agents'

THE contest for experienced insurance agents in Singapore has renewed in recent months with about 300 agents poached by a rival - the biggest migration in recent years. Market sources shared with The Business Timesthat a group of about 300 - some peg the number at 400 - agents from Great Eastern are moving to rival AIA's newly-set-up financial advisory (FA) arm, AIA Financial Advisers. They noted that many of the agents are under the...


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