As artificial intelligence (AI) becomes increasingly prevalent across Australia’s finance industry, a significant portion of the workforce is expressing concern about the impact on their job security. A survey conducted by the Finance Sector Union (FSU) involving 2,200 finance workers, including those in financial planning, revealed widespread apprehension regarding the ongoing AI revolution in the sector.
The survey found that while more than 75% of respondents have already incorporated AI into their daily tasks, a troubling gap exists in communication between employers and employees about the technology’s future role in the workplace. Specifically, 61% of workers reported receiving no formal training on AI from their employers, and 41% admitted feeling unprepared to work alongside AI in their current roles.
This lack of preparation, coupled with the uncertainty surrounding AI’s potential for further disruption, has left many workers feeling vulnerable. According to the FSU, 61% of respondents fear that AI may threaten their job security. “The rise of AI in the finance sector is transforming how work is done, yet employees’ concerns and voices are largely excluded from these discussions,” the union noted.
The union also expressed dissatisfaction with the industry’s current approach, emphasizing that financial institutions are pouring millions into AI technology without adequately addressing the concerns of their employees. “The rapid advancement of AI, combined with the glaring absence of training and employee inclusion, highlights a disturbing trend: workers are being left behind,” the FSU commented.
The survey further highlighted the negative impact AI is expected to have on various aspects of work. Among the top concerns, 73.6% of respondents believed AI would diminish human interaction in the workplace, 68.6% feared it would jeopardize job security, and 65.8% anticipated their skills would become obsolete.
The FSU has called for a more proactive approach from employers in addressing these issues, urging finance companies to engage workers in the decision-making process concerning the implementation of AI technologies. “It is critical that finance employers involve workers in discussions about AI’s role and provide training to help them navigate this shift,” the union urged. “Workers need to feel secure in their jobs and confident that their roles won’t be replaced by AI.”
Some companies, however, are already taking steps to address these concerns. Insignia Financial, a wealth management firm, is utilizing AI to streamline operations and allow advisers to see more clients by reducing time spent on manual tasks. CEO Scott Hartley emphasized the company’s commitment to leveraging AI to enhance human capabilities, stating, “[AI] is a game-changing technology that will help humans do a better job.”
As part of its 2024 enterprise agreement with the FSU, Insignia also committed to safeguarding workers’ rights in the AI integration process. The company has pledged that while AI may aid in decision-making, human advisers will always retain the final say.
The FSU continues to advocate for stronger protections for workers in the face of AI-driven change, stressing the need for collaboration between employers and employees to ensure a fair and inclusive transition to an AI-augmented future.
Related Topics:
Escalating U.S. Consumer Debt and Rising Defaults Raise Economic Concerns
