The majority of employees in Ireland’s financial services sector believe the rise of AI will result in job displacement, according to a recent survey.
Conducted by the Financial Services Union (FSU) and thinktank TASC, the survey found that 88% of respondents expressed concern about job loss, while fewer than 3% disagreed. Moreover, concern is becoming more pronounced, with over half (59%) feeling less optimistic about AI’s impact on job stability compared to five years ago.
The study also uncovered widespread unease regarding AI’s application within organizations. Nearly two-thirds (62%) are worried about bias affecting decision-making processes, and a similar number (61%) are uncomfortable with AI’s role in hiring, firing, and promotion decisions. Additionally, 59% fear that AI could be used for employer surveillance, while 57% highlighted its potential negative impact on customer experience.
A significant lack of training was noted, with 43% of respondents stating they had neither received training nor been informed of any plans for it. The report emphasizes that “employers must provide relevant and accessible training to employees.”
John O’Connell, FSU general secretary, pointed out that the report reflects ongoing concerns from workers across the sector. “The use of artificial intelligence is expanding rapidly, and it is essential for stakeholders to ensure AI benefits both workers and consumers,” he stated. “It’s clear that workers feel unprepared and have legitimate concerns about AI’s future role.”
Molly Newell, lead researcher at TASC, asserted that Ireland should lead the way in ensuring a fair AI transition that safeguards rights and promotes inclusion. This involves placing workers at the center of decision-making, ensuring collective bargaining, preventing bias and intrusive surveillance, and providing meaningful upskilling opportunities. Failure to implement these measures could exacerbate existing inequalities.
Progress has been made; the FSU recently reached an agreement with Bank of Ireland to collectively bargain any changes in employment conditions arising from AI expansion. Similar reports indicate potential job displacement and inadequate training. A separate survey by Boston Consulting Group in May found that only four firms have fully integrated AI into their daily operations beyond pilot projects.