AI Wave: Banks 'thirsty' for digital human resources

Photo caption

Customers transact at Agribank Ben Thanh Branch, Ho Chi Minh City. Photo: VNA

However, along with the productivity and efficiency gains come significant labor market implications. Banks are facing a wave of large-scale layoffs, career transition pressures, and an urgent need to train digital human resources.
Automation replaces humans
According to the financial reports of 28 parent banks, the total number of employees in the entire system has decreased by nearly 3,000 people compared to the beginning of 2025, down to about 280,000. However, detailed data for each bank shows a much larger internal fluctuation. Some banks cut thousands of employees, while many others recruited more, causing the net number of the entire system to decrease less than the reduction of each unit combined.
Leading the staff reduction is Loc Phat Joint Stock Commercial Bank ( LPBank ) with 1,986 employees leaving, equivalent to nearly 18% of the total number of employees. Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and Vietnam International Commercial Joint Stock Bank (VIB) are also in the group of banks with sharp reductions, with a reduction of 1,228 people (more than 7%) and 1,244 people (6.6%) respectively.
Many other banks also implemented significant streamlining such as Asia Commercial Joint Stock Bank (ACB ) reduced 607 employees, An Binh Commercial Joint Stock Bank (ABBank) 469, Tien Phong Commercial Joint Stock Bank (TPBank) 144 and Kien Long Commercial Joint Stock Bank (KienlongBank) 127. Some banks recorded lighter fluctuations such as Saigon Industrial and Commercial Joint Stock Bank (Saigonbank) reduced 30 employees, Southeast Asia Commercial Joint Stock Bank (SeABank) 17 and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) 15. In the "Big 4" group, the Bank for Agriculture and Rural Development (Agribank) reduced up to 273 employees, Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank) 191.
Discussing the above phenomenon, Associate Professor Dr. Nguyen Huu Huan, Head of the Financial Markets Department - Banking Faculty, Ho Chi Minh City University of Economics (UEH), said that the wave of staff cuts is not only happening in Vietnam but is also a global trend. The main reason comes from the fact that banks digitize processes, move many jobs to the online environment, reducing the need for direct human resources. Many banks are still growing in market share, customers and revenue without opening more branches thanks to the ability to serve online.
In fact, the common characteristics of the positions being streamlined are repetitive, manual and easily automated work such as operations and counter tellers. Some banks have even applied automatic robots to perform simple tasks, allowing employees to focus on creative work, bringing higher value to customers. For example, at TPBank, hundreds of robots have replaced repetitive work in the operations and transaction department, significantly reducing the number of required personnel.
Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, affirmed that the streamlining is not only to save costs but is a strategic step in the digital transformation roadmap. Sharing the same view, Vice Chairman of the Board of Directors of ABBank Vu Van Tien said that some departments have been streamlined by up to 40% to improve operational efficiency.
"Thirst" for digital human resources
While many traditional positions are being streamlined, the demand for technology personnel is increasing sharply. Deputy Governor of the State Bank of Vietnam Pham Tien Dung emphasized: The banking system needs a strong digital workforce operating in a smart digital ecosystem. This is not only about applying technology to the operating process, but also an integrated model between banks and businesses, personalizing customer experiences and optimizing efficiency.
State Bank data shows that over 90% of financial transactions now take place via digital channels with 50-100 million transactions per day. To meet this demand, the banking industry needs a huge team of technology personnel, from about 320,000 in 2018 to 750,000 in 2026. However, supply has not kept up with demand.
Mr. Luu Danh Duc, Deputy General Director of LPBank and Director of Information Technology, frankly pointed out: "There are many technology engineers, but those who are both good at technology and knowledgeable about banking and finance are extremely rare." Competition for talent is so fierce that many banks have to look for candidates from abroad. Navigos Search - a platform providing recruitment services for middle and high-level personnel, has statistics, in fields such as Big Data or AI, sending 100 profiles to filter out only one qualified candidate.
The large gap between actual demand and training capacity is a "bottleneck" of the labor market. Associate Professor Dr. Pham Thi Hoang Anh, Deputy Director of the Banking Academy, warned that the current supply of IT human resources does not have enough expertise to meet the speed of digital transformation. Therefore, training institutions need to quickly innovate, from digital competency frameworks according to job positions to creating opportunities for practical practice.
Many schools such as the University of Science and Technology, the University of Posts and Telecommunications, and the Banking Academy have joined hands with businesses to build training programs closely linked to practice. Banks also apply the "Buy - Build - Borrow" strategy - recruiting experts from large technology companies (Buy), building internal training centers and coordinating with universities (Build) or outsourcing experts, cooperating with headhunting companies to solve short-term needs (Borrow).
To meet the needs of digital transformation, Associate Professor Dr. Pham Thi Hoang Anh emphasized that credit institutions and businesses need to proactively identify needs, order training, participate in building and updating programs, and create conditions for students to practice and accumulate practical experience. Training institutions should also design programs to improve technology skills for human resources, especially in the fields of big data, cybersecurity, AI, system design and security.
Despite the remarkable effectiveness of AI, experts agree that technology is only truly valuable when it is used alongside humans. Customer interaction, persuasion, relationship development, and handling complex situations are still factors that cannot be completely replaced by machines.
According to Deputy Governor Pham Tien Dung, modern bank employees must be “dual-minded” – knowledgeable in both financial operations and technology. This is the new standard for the banking industry to maintain its competitive edge in the digital age.
This view reflects a broader reality: AI does not eliminate the need for labor, but restructures the job market. This is a global trend, not just in Vietnam. Instead of worrying about being replaced, workers need to proactively equip themselves with new skills, learn technology and adapt to more flexible working models.