Financial futurist Brett King says the skill set required inside banks is set to shift dramatically toward agentic, AI-driven operations, with up to 99 per cent of banking activity potentially automatable. King argues that within years, ordinary middle-income customers will gain access to services once reserved for private banking clients.
To illustrate the pace of change, King pointed to JPMorgan Chase, which has already cut 30 to 40 per cent of headcount in certain departments while committing $20 billion to technology investment. He forecasts the bank could shrink from its current 160,000 employees to just a few thousand by the 2040s as automation deepens.
The comments came as the IMD World Competitiveness Ranking placed the UAE fifth among the world's most competitive nations, with the country ranking first globally on measures including economic performance, government efficiency, policy adaptability, employment, international experience, national culture and air transport quality.
King said the resulting drop in banking costs should improve financial inclusion across the Mena region, giving a broader cross-section of society access to more sophisticated financial services. The remarks reflect a wider trend of AI adoption reshaping the UAE and regional banking sector, as institutions weigh workforce restructuring against efficiency gains from automation.