Winters acknowledged that technology companies aim to develop AI responsibly but highlighted geopolitical competition, particularly between the US and China, as a factor necessitating global cooperation. He described the current situation as an "arms race" where AI is used for both developing new customer experiences and for defense against cyber threats.
While Standard Chartered is already utilizing AI to enhance efficiency and customer interactions, Winters warned that cybercriminals could also leverage the technology. He anticipates that negative incidents related to AI are likely to occur, despite ongoing efforts to develop defensive capabilities.
Regarding the impact of AI on employment, Winters suggested that while automation will alter job roles, it does not necessarily mean a reduction in the overall workforce. He noted that Standard Chartered has automated a significant portion of its roles, yet its headcount has increased. The bank has focused on reskilling employees, with approximately 85% of those whose roles were displaced by automation being retrained for new positions.
Winters believes that jobs requiring human judgment and interaction will remain crucial. He pointed to wealth management as an example, where despite digital tools offering investment guidance, the demand for human relationship managers persists due to continued trust in people over machines.
The CEO also discussed China's economy, observing a contrast between rapid growth in sectors like green technology and electric vehicles, and a struggling property market. He expressed confidence in China's economic outlook, citing available fiscal and monetary policy tools for growth support. Winters also commented on the resilience of Gulf economies despite the ongoing Middle East conflict, though he acknowledged significant disruptions, particularly to Qatar's gas industry.