Bank branch closures set to hit staff more than AI

Automation impact on jobs still limited

In Thailand, it will likely take some time before AI-driven disruption has a significant impact on employment in the banking industry, according to the governor of the central bank.

Artificial intelligence (AI) adoption in Thailand's banking sector is unlikely to have a rapid impact on employment, with the decline in bank staff primarily driven by branch closures, according to the central bank governor.The Bank of Thailand's governor, Vitai Ratanakorn, said during a media briefing earlier this month that the reduction in the banking workforce has mainly resulted from branch rationalisation rather than AI adoption.

"Positive growth in digital banking services in Thailand has significantly reduced transactions conducted through traditional branch networks," he said. "At the same time, local banks have increasingly adopted AI and automation technologies to improve productivity, lower operating costs, strengthen competitiveness and enhance employee skills.

"In Thailand, nevertheless, it will likely take some time before AI-driven disruption has a significant impact on employment in the banking industry."