Irish bankers concerned about job displacement through AI
The vast majority of employees in Ireland's financial services believe that the rise of AI will lead to job displacement across the industry, according to a recently released survey.
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The survey, conducted by the Financial Services Union (FSU) and thinktank TASC, found that 88% of respondents are concerned about job displacement, while less than 3% disagree with the sentiment.
Furthermore, the concerns are becoming more intense - more than half (59%) are less optimsitic about the imapct of AI on their job stability than they were five years ago.
In addition, the study also found widespread unease at how AI is being employed within their organisations.Almost two-thrids (62%) are concerned about the impact of bias on decision-making processes whiloe a similar number (61%) are uneasy about the use of AI in hiring , firing and promotion decisions.
More than half (59%) are also concerned that AI may be used for employer/manager surveillance while 57% cited the potentially negative impact of AI on customer experience.
The study also highlighted a widespread lack of training for using the technology - 43% said that they had not received any training and were unaware of any plans to do so.
As the report states: "It is incumbent on employers to provide training to employees and to make it easily accessible and releavnt to their position."
According to John O'Connell, FSU general secretary, the report is indicative of the concerns it is hearing from workers acorss the sector on a weekly basis.
'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," he said. "It is evident that workers feel unprepared and have justified concerns about the role that AI could possibly play in the future."
"Ireland has a responsibility to be at the forefront of a fair and responsible AI transition - one that safeguards rights, promotes inclusion, and shares the benefits of innovation," said Molly Newell, lead researcher at TASC. "A just transition means placing workers at the heart of decision-making. That includes ensuring collective bargaining, preventing bias andintrusive surveillance by employers, and providing meaningful upskilling opportunities."
Failure to put such measures in place risks deepening existing inequalities, warned Newell.
Some progress has been made. According to the FSU, it has struck an agreement with Bank of Ireland that commits the bank to collectively bargain any changes to employment conditions that may occur due to the expansion of AI.
Other reports have made similar points about potential job displacement and a lack of training. A survey published in May by Boston Consulting Group found that only in four firms have progressed from pilots and proof of concepts to fully implement the technology into their daily operations.
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