Finance workers fear they’re bringing about their own jobs demise by embracing AI

Three major Australian unions representing tech workers in the banking sector say members fear AI is ‘facilitating the demise’ of their jobs.

Finance Sector Union national secretary Julie Angrisano. Picture: Hollie Adams

Three of the nation’s largest unions representing parts of the tech industry in the banking sector say their members fear that embracing AI is “facilitating the demise of their own jobs”.

They say they are focused on ensuring workers will be consulted by their employers as companies begin to implement AI and automation in tasks previously undertaken by workers.

A new BlackBerry study released overnight has found that 93 per cent of organisations in Australia are in the process of either implementing or considering banning ChatGPT and generative AI tools in their workplace.

Australian companies were almost 20 per cent more likely than their international counterparts to be considering a ban.

More than 90 per cent of organisations in Australia are either implementing or considering banning generative AI tools in their workplace.

Finance Sector Union national secretary Julia Angrisano said AI and digital transformation was a “significant concern” among finance and fintech workers.

“AI has the ability to cause significant job losses if not handled correctly and ethically. Job security is a big concern,” she said.

The FSU was focused on improving regulation and strengthening worker data rights but believed “genuine consultation and transparent decision making by employers” about AI was needed first.

“Opaque decision making is unacceptable. The FSU will demand a seat at the table regarding the democratic control of workers data, the governance of algorithmic systems and the prevailing state of worker surveillance that we know is going on,” Ms Angrisano said.

Australian Services Union secretary Robert Potter told The Australian: “It is critical that employers consult with workers during changes to work practices including the use of AI.

“If workers feel they have not been consulted about changes in work practices, they should join their union.“

Professionals Australia chief executive Jill McCabe said the implementation of AI and other new technologies would likely have both a positive and negative impact on workers.

“Our focus as a union will be on ensuring that the employment rights and entitlements of tech workers are respected and enforced, including their rights to be represented by their union and consulted where AI developments affect their employment,” she said.

Professionals Australia believed the effects of AI were still unknown. “The long-term impact of AI on many industries as well as the tech sector is still speculative,” Ms McCabe said.

“Numerous reports have predicted the creation of millions of jobs involving AI, as well as the replacement of millions of other jobs.

“As with all parts of the economy, the increased integration of AI into business practices will impact the ICT sector, with potentially positive and negative outcomes for employment.”

Ms McCabe said her union had noted an increased demand for workers with AI skills.

“While there is increasing demand for employees with AI skill sets in the ICT sector, AI developments will undoubtedly create challenges for business and employees that will need to be properly managed,” she said.

Ms Angrisano said looking at the impacts of digital banking, many bank workers had long shared their concerns around being replaced by technology.

“Many workers feel they are facilitating the demise of their own jobs by being pushed to move customers toward digital banking, often being interrogated by their employer if they don’t do this – this has been well documented by the FSU and in the Senate Inquiry into Regional Bank Branch Closures,” Ms Angrisano said.

“While the evolution of digital technology is inevitable, it’s vital that finance workers have a seat at the table in managing how these technologies are applied and to mitigate potential issues.”