A new survey reveals that the vast majority of employees in Ireland's financial services believe that the rise of Artificial Intelligence (AI) will lead to job displacement across the industry . The survey, conducted by the Financial Services Union (FSU) and think tank 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, with more than half (59%) being less optimistic about the impact of AI on their job stability than they were five years ago .
The study also highlighted widespread unease at how AI is being employed within their organizations. Almost two-thirds (62%) are concerned about the impact of bias on decision-making processes, while 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 . FSU General Secretary John O'Connell says concerns are echoed weekly from staff across the sector . He called on stakeholders to ensure AI is used for the benefit of workers and consumers alike . Molly Newell of TASC emphasized Ireland's responsibility to lead a fair AI transition—one with collective bargaining, training, and safeguards against bias and surveillance .
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 . However, broader action is needed. A Boston Consulting Group report from May found that only one in four firms have progressed from pilots and proof of concepts to fully implement the technology into their daily operations .
AI is being used more in fighting fraud, helping customers, and analyzing markets . Banks need to make sure their staff can use AI and data analytics well . The Irish financial sector is changing a lot and needs strong strategies that focus on using technology and putting customers first . This will help them stay competitive in the changing market .
Keith Power, a partner at PwC Ireland, says that technology is by now fundamental to the functionality of the financial services sector . As it becomes more sophisticated, this not only opens up a world of possibility but also introduces new risks . Digital banking platforms, algorithmic trading and regtech solutions are embedded across the sector .