Widespread concerns among bank staff over AI
There is widespread concern among staff in the financial services sector over the possible effects of artificial intelligence (AI), according to a new survey.
The research was conducted by the Financial Services Union (FSU) and the think tank TASC.
It shows that job displacement, lack of reskilling opportunities and bias in decision-making are among the top concerns for workers.
The report examined both the opportunities and challenges posed by AI and found that 88% of respondents believe AI will lead to job displacement, while 60% report feeling less secure in their roles than they did five years ago.
Over 61% of respondents expressed unease about AI being used in hiring, firing, and promotion decisions.
More than half of workers said they are concerned about increased managerial oversight and surveillance through AI systems, fearing a loss of privacy and greater performance monitoring.
Despite these concerns, some workers recognised AI's positive impacts. Around 45% of respondents said they feel AI may lead to less time spent on administrative tasks and 30% feel it may improve data analytics.
"The use of artificial intelligence is expanding at an alarming rate across the financial services sector, and it is incumbent on all key stakeholders to ensure AI is used for the benefit of workers and consumers," said FSU General Secretary John O'Connell.
"The FSU has successfully concluded an AI agreement with Bank of Ireland which commits the bank to collectively bargain any changes that may occur due to the expansion of AI," Mr O'Connell added.
Molly Newell, researcher at TASC, said that without clear commitments to equity, inclusion, and transparency, the widespread adoption of AI in financial services risks deepening existing inequalities.
"We must ensure this technology serves the common good - strengthening, rather than undermining, social and economic cohesion," Ms Newell said.
The Financial Services Union surveyed 604 employees, 602 of whom were FSU members.
On Monday, the Chief Executive of AIB Colin Hunt took part in a panel discussion at a Bloomberg event in Dublin.
Asked what impact AI will have on staffing numbers at the bank over the next five years, Mr Hunt said it may lead to a small reduction in net headcount.
"I do think that there are certain manual processes that we do now that will be done by AI in the future, and probably net headcount will be broadly stable with a slight downward bias maybe," Mr Hunt said.
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