Artificial Intelligence (AI) and Fear of Job Displacement in Banks in Bangladesh

M. M. Molla
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M. M. Molla: Janata Bank PLC. Head Office, Motijheel, Dhaka, Bangladesh

International Journal of Science and Business, 2024, vol. 42, issue 1, 1-18

Abstract: The rapid integration of Artificial Intelligence (AI) in the banking sector is modernizing operations, with significant implications for employee roles. This study investigates the relationship between AI adoption and the fear of job displacement among bank employees in Bangladesh. Utilizing a mixed-methods approach, data were collected through surveys of 120 bank employees and interviews with 10 senior managers from leading banks. The survey focused on employees' perceptions of AI technologies, their readiness for change, and concerns regarding job security, while the interviews explored management perspectives on AI implementation and workforce implications. Quantitative analysis revealed that 80% of employees feared AI-driven job displacement, particularly those in clerical or routine roles. However, management expressed optimism, viewing AI as an opportunity to streamline operations and create new job opportunities, albeit with a need for reskilling. The study found a significant link between employee training and reduced fear of displacement, highlighting the importance of workforce development initiatives. Senior management underscored the necessity of reskilling and upskilling programs to facilitate a smoother transition to AI-driven environments. The findings suggest that while AI can enhance operational efficiency, it also creates anxiety about job loss, emphasizing the need for strategic planning and training programs to alleviate these fears. Further research is recommended to explore the long-term employment impacts of AI in the banking sector.

Keywords: Artificial Intelligence; job displacement; banking sector; Bangladesh; workforce development; automation. (search for similar items in EconPapers)
Date: 2024
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