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A Finance Sector Union (FSU) report has found the use of artificial intelligence (AI) in finance has increased workloads, contributed to worker stress and compromised the security of confidential information.   

FSU researchers conducted hours of in-depth interviews with workers in banking, insurance and superannuation in frontline, technical and management roles to gain the most comprehensive picture yet of the impact AI is having on the sector today.  

Among the key findings of the report – No Longer a Hypothetical – Stories from Finance Workers on the Impact of AI Today– are that despite most finance workers seeing the benefits of AI, the haphazard way it is being implemented and the lack of regulation and job security guarantees has increased anxiety and workloads.  

The report also found that the rollout of AI in most workplaces has been rushed, with little or no training provided and poor communication and leadership from management. 

Workers say the technology has given false information to customers, leading to extra work to fix errors and frontline workers bearing the brunt of customer frustration.  

Other workers expressed fears that confidential data could be inadvertently leaked if AI training and regulation are not improved.  

FSU members presented the report to Minister for Employment and Workplace Relations Amanda Rishworth, Minister for Science, Technology and the Digital Economy Senator Tim Ayres, his Assistant Minister Andrew Charlton and numerous Federal Government backbenchers during a visit to Parliament House last week. 

FSU National Assistant Secretary Nicole McPherson also fronted the Joint Select Committee on the Adoption of Artificial Intelligence yesterday (Thursday) to bolster the union's case for more stringent government oversight of AI.  

The report is the latest initiative to support the union’s national campaign to ensure AI is used ethically in finance through strong regulations based on evidence and genuine worker consultation.  

Quotes attributable to FSU National Assistant Secretary Nicole McPherson:  

“For Australia to truly experience the full benefits of AI, social licence from workers is essential, not a nice to have," Ms McPherson said.   

“Finance workers are not anti-AI. They see and understand the potential benefits from using AI in their jobs.  

“But right now the use of AI is coming with increased workloads and stress because the sector’s attempts to embed AI in everyday work practices have been rushed with inadequate worker consultation. 

“Buying an AI tool and implementing it is not the same as creating productivity. Productivity comes from skilled workers using reliable technology and using it well. 

“If AI produces more material than a person can safely check – as we know is happening right now – then AI has not removed the work, it has intensified it. 

“We welcome the Federal Government’s focus on appropriate regulation of data centres and big tech, and look forward to seeing the government’s plan to protect workers and their jobs. 

"Recent mass layoffs at NAB and Westpac only strengthens our argument for a speedy resolution of this issue." 

Quotes from anonymous finance workers: 

“No structured training was provided, it was ‘go ahead and figure it out’.” - Amelia, FSU member. 

“Every Friday you’ll get an update how AI’s progressing across (the organisation) but no one seems to know what’s actually happening.” - Alan, FSU member.  

“The problem is Copilot has full access to your email inbox so it can access privileged legal advice.” - Dan, FSU member. 

“There are some guardrails but evidence has shown the guardrails are only guardrails and if you hit the bumpers hard enough, you’ll get through them.” - Blake, FSU member.  

“I’d like to see (the Government) be more hands-on with the regulation of AI in workplaces. We know we have failed to regulate all things internet and look where that’s gotten us. We have failed to regulate these monsters. The Government needs to get its act together and step the heck up.” - Amy, FSU member.  

ENDS 

Media contact: Sam Burgess 0434 165 630 or [email protected]