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Over half of those surveyed said their workplaces had adopted AI technologies, yet almost two thirds had not received any training and fewer than one in 10 felt they had a good understanding of AI.

But while the majority of workers hold negative attitudes about AI in their workplaces due to a lack of transparency and insufficient training, there is also optimism that AI could have a positive impact, including on work-life balance and job satisfaction.

With banks, insurers and other financial institutions already developing and using AI platforms to streamline customer service, hiring, lending and other practices, the Union has set out a roadmap for change that puts workers at the centre.

Finance Sector Union (FSU) National Assistant Secretary, Nicole McPherson said:

“Finance workers understand that technological change from AI is inevitable and they want to be part of the future of finance. But as things stand, they are being left out and this is creating 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 implementation of AI in the finance sector must include job security, training and education of the workforce as a priority, and place worker inclusion at the centre.”

The survey of 2200 workers conducted across November and December 2024 found:

Understanding and preparedness

• 38% of finance workers rated their understanding of AI as either low or very low.
• Only 8% of workers thought they had a very good understanding of AI.
• 41% of workers said they were not equipped to work with AI technology.

Use of AI

• More than three quarters of workers said that they use AI to some extent, with 46% using it sometimes or often.

Attitudes and concerns

• 67% of finance workers said they were worried about job security.
• 73.5% of workers considered there would be a negative impact on human interaction.
• 30% felt AI would have a positive impact on work-life balance.

Training and awareness

• 61% of respondents said they had not received training in AI.
• Approximately 27% said they had received some general information about AI.
• Only 12% said they had received training or policy-based guidance.
• More than three quarters said that their employer has not discussed the impacts of AI with them.
• Only 13% said they have had a conversation with their employer about AI.

The union said it was unacceptable that hugely profitable institutions who were investing millions into AI platforms were leaving workers out.

“The rapid pace of evolution of AI technologies combined with the current absence of training, education and inclusion of workers makes it urgent that employers step up and take a better approach.

“Our experiences so far with AI technologies demonstrate that it is essential we retain the human element and the voice of workers in the transition to an AI future.

“We urge finance sector employers to adopt our roadmap and the recommendations of this report.”

Roadmap

The FSU has set out a reform roadmap to guide an effective and fair implementation of AI in the finance sector, calling for greater consultation and engagement by employers with their workers; worker education and training on AI implementation; and a commitment to job security and a just transition to the jobs of the future.

View the full report here. 

Media contact: Rebecca Nicholson – 0409 216 053