The Finance Sector Union (FSU) has released a report detailing the worker perspective on the use of AI in the finance sector, where more than 75% of workers use AI to some extent. Despite this figure, only 8% of workers thought they had a good understanding of AI and its potential applications in their workplace. Less than 20% of workers felt positive or very positive about AI in their workplace.
This creates a range of risks, with workers identifying hazards such as increased and changing job demands, inadequate training and support, and workers being required to use technologies they don’t feel confident in operating.
In late 2024 the FSU surveyed 2200 finance workers in the banking, insurance, superannuation, financial planning and other sectors to better understand the ways in which AI is being used and the workers’ concerns and opinions about it.
One finance worker commented, “I am concerned that generative AI will be oversold to decision makers as a solution, leading to increased productivity expectations on frontline staff, and when those increased productivity expectations are not realised it will be frontline staff who are blamed for the failure.”
Workers also shared concerns about increased worker surveillance, negative impacts on job security and human interaction, and skills becoming obsolete. The generation of disciplinary matters by AI is also a commonly expressed concern, with one worker commenting, “I am concerned that AI tools will be used to measure the performance of staff, for example through sentiment analysis, and these tools will be incorrect”.
Currently there is little employer communication with workers about AI, with more than 75% of workers reporting that their employer has not consulted with them about the impacts of AI on their roles. It is vital that workers are involved in consultation at every stage of the implementation of AI in the workplace.
The FSU has proposed to most of the major employers in the finance sector that a consultative body would ensure workers’ voices are included in the development of AI platforms, the delivery of relevant training and enhanced consultation with staff. Few employers have adopted this proposal.
Whilst we know that AI will continue to play an increasing role in the finance sector, and indeed in all industries, current employer approaches to the adoption of these new technologies have mostly failed to bring workers along on that journey, with little attention paid to consultation, education and training, job security and a fair and just transition.
The FSU calls on employers across the sector, and governments across our states and the Commonwealth to listen to finance workers. This is a critical opportunity to take a genuinely collaborative approach to build the ethical and effective use of AI for the benefit of everyone in our community.
Read more: FSU | AI in the finance sector: The worker perspective. A Report