Unprepared and scared: Finance staff fear growing AI presence at work

With the increasing and seemingly inevitable presence of artificial intelligence (AI) technologies in the workplace, a significant majority of finance workers have expressed fears over ongoing job security and the lack of sufficient skills to effectively make use of the technology, according to a new survey conducted by the Financial Sector Union (FSU).

The survey found that while more than three out of four Australian financial services workers were already using AI, at least to some extent, most felt unprepared for its adoption by their employers. Further, more than two thirds (67%) fear that their job will disappear as a result of AI.

Of the 2,200 financial sector workers surveyed, more than half said their workplaces have already adopted AI systems.

Much of the fear and negativity surrounding the technology may likely be due to misunderstanding, a lack of transparency by employers around its adoption, or insufficient training of employees.

More than one in three (38%) finance workers rated their understanding of AI as either ‘low’ or ‘very low’, with just 8% stating that they understood the technology well.

Further, around 40% of workers said they were not equipped to work with AI technologies.

Almost two thirds (61%) said they had not received any AI training; just over one in 10 (12%) had undergone training or received policy-based guidance.

Only 13% reported having discussed AI with their employer, with just over a quarter (27%) receiving some general information about AI.

Despite the apprehension, the Union found at least some level of optimism around the technology, with one in three feeling that it would improve work-life balance and job satisfaction. However, an overwhelming majority (73.5%) said the technology would negatively impact human interactions.

Commenting on the results of the survey, FSU national assistant secretary Nicole McPherson noted that while workers understood the inevitability of technology change from AI, their being excluded from this process will only exacerbate feelings of “negativity and fears around job security”.

“AI will transform many sectors including the finance sector, but how it is implemented will be critical.

“Without the involvement of workers who can bring their expertise and enthusiasm to the table, we won’t have ethical and effective implementation of AI.”

The Union urged finance sector employers to “step up and take a better approach” to address the current “absence of training, education and inclusion of workers” when adopting AI.