Ashraf El Kady : 60 million new jobs globally with applications of artificial intelligence in the next 3 years
Ashraf El Kady: Chairman of The United Bank
• Education, innovation and creativity are Egypt's youth weapon to reserve a significant place within the Fourth Industrial Revolution.
• Structural transformation and technology domination of life will maximize youth skills in two ways
• Expanding the digitization of banks will raise demand for a new type of job skill
Cairo: December 8, 2019
The United Bank participated in the annual Arab Banking Conference 2019 under the auspices of Tarek Amer - Governor of The Central Bank of Egypt, organized by The Arab Banks Union today.
Under the title “The implications of political fluctuations in the course of business banking”, the annual Arab Banking Conference was inaugurated by: Tarek Amer - Governor of The Central Bank of Egypt and Sheikh Mohamed Jarrah Al-Sabah - Chairman of the Board of Directors of The Arab Banks Union in Kuwait and Hisham Ezz Al-Arab - Chairman of the Board of Directors of the Federation of Egyptian Banks Dr. Joseph Tarabieh - Chairman of the Board of Directors of the International Union of Arab Bankers, in the State of Lebanon, Dr. Adnan Ahmed Youssef - President of the Association of Bahrain Banks and former President of the Federation of Arab Banks and Dr. Ghada Wali - Minister of Social Solidarity and Renya Al-Mashat - Minister of Tourism and Dr. Muhammad Moait Minister of Finance and Mohamed Al-Atribi - Vice President of the Federation of Arab Banks, the representative of the Egyptian banking sector, Mahmoud Mohieldin - First Vice President of the World Bank and Wissam Hassan Fatouh - Secretary General of The Arab Banks Union and a selective group of bankers and media representatives.
Egypt's youth and the fourth industrial revolution
Commenting on The United Bank’s participation in the conference, specifically in the fourth industrial revolution session and the changes brought about by financial technology in banking, Ashraf El-Kady - Chairman of The United Bank says that education, innovation and creativity is the weapon of Egypt's youth to reserve a significant place within the fourth industrial revolution.
He expressed that the political leadership, The Central Bank of Egypt and the Ministry of Communications are taking serious and broad steps towards qualifying Egypt as a center for digital technology in the Middle East. The Ministry of Communications is also establishing the National Center for Artificial Intelligence Applications and 6 technology innovation parks. As well as the role of the Ministry of Planning in creating and developing policies and strategies related to qualifying human elements and raising their efficiency to meet the requirements of the Fourth Industrial Revolution.
60 million new jobs
Ashraf El-Kady explained that the spread of artificial intelligence and robotics technology will contribute to structuring the labor market globally, especially in the next three years. About 60 million new jobs will appear.
Structuring the labor market globally
Ashraf El-Kady added that the labor market will be restructured on two axes: The first: It is to create new job opportunities on various economic sectors, the most prominent of which are: Data-related functions of their importance such as data scientists - data credit agents - data analysts and data-keeping monitors. Also a quality of specialized jobs such as drone operator, auto pilot automotive and electric vehicle engineers
As for the second axis, it includes: a policy to amend and develop the tasks and skills of a number of current jobs, especially the banking sector, such as: customer service. The expansion of digitization of banks will raise demand for a new type of job skill.
The Central Bank policy for digital transformation
Ashraf El-Kady praised the policy of The Central Bank of Egypt, which prioritized the importance of the new banking law, to digital banks, which stimulates the presence of a number of "online" banks in the market. The Central bank also launched the system of instant payments between banks, as well as the establishment of a national transfer and an electronic clearinghouse for retail bank payments. In addition to automating government salaries and pensions, developing licensing procedures and monitoring the payment system. Also the development of laws, legislation and inaugurating incubators for the business innovators under the name "Nile Pioneers".
Ashraf El-Kady expressed that the field is wide open for young educated people who have innovation and creativity to work in many fields, especially entrepreneurship, medium, small and micro projects which qualify them to assume leadership positions and work professionally in the near future. Jobs such as technology developers, software designers and social media professionals will be in great demand.
It is worth noting that the conference discussed over the course of two days a number of important axes, including: economic reforms and their effects in achieving economic and social security - the role of the government offering program in revitalizing the financial market - the digital economy and the transformation of the banking industry - the implications of political fluctuations on the course of banking work - the impact of pressures International legislation on banking - the fourth industrial revolution and the changes brought about by financial technology in banking.
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