Accounting for Workers in the Age of AI
(You can read or download the full report at the end of the page)
METHODOLOGY
This report draws upon a literature review and survey data to provide an overview of AI adoption and workforce impact in Ireland’s financial services sector. The methodology includes both qualitative and quantitative data sources, with a focus on triangulating insights from academic literature, industry reports, and government policy.
To understand attitudes of workers in Ireland’s financial services sector, the Financial Services Union surveyed staff working in financial services - over the course of 113 days in the Summer and Autumn of 2024. Key demographic figures include:
RESULTS
88% of respondents believe AI will lead to job displacement and 60% report feeling less secure in their roles than they did five years ago. While many workers acknowledge AI’s potential benefits, including increased efficiency and improved decision-making, these advantages are overshadowed by fears of job loss, wage stagnation, and intensified managerial oversight.
Over 61% of respondents expressed unease about AI being used in hiring, firing, and promotion decisions. Furthermore, 58% of workers are concerned about increased managerial oversight and surveillance through AI systems, fearing a loss of privacy and greater performance monitoring.
When asked has you organisation provided any training or resources specifically aimed at enhancing your skills for integrating AI technologies, 43% responded they had not received any training and there were no plans to provided training. It is incumbent on employers to provide inclusive training to employees and to make it easily accessible and relevant to their position. A one fits all training module is not sufficient.
John O’Connell, General Secretary of the FSU
“The research is indicative of the concerns the FSU are hearing on a weekly basis from workers across the sector. The use of artificial intelligence is expanding at an alarming rate across the financial services sector, and it is incumbent on all key stakeholders to ensure AI is used for the benefit of workers and consumers. It is evident that workers feel unprepared and have justified concerns about the role that AI could possibly play in the future. Ensuring a fair transition requires a shared commitment from all stakeholders—employers, workers, policymakers, and trade unions. The FSU have successfully concluded an AI agreement with Bank of Ireland which commits the bank to collectively bargain any changes that may occur due to the expansion of AI. A collaborative approach will not only help mitigate job displacement risks but also create opportunities for innovation, career growth, and economic stability. We look forward to discussing the findings of this research with legislators and opinion makers in the sector.”
Molly Newell, Lead Researcher at TASC*
“As a leader in the European financial services sector, Ireland has a responsibility to be at the forefront of a fair and responsible AI transition - one that safeguards rights, promotes inclusion, and shares the benefits of innovation. A just transition means placing workers at the heart of decision-making. That includes ensuring collective bargaining, preventing bias and intrusive surveillance by employers, and providing meaningful upskilling opportunities. Without clear commitments to equity, inclusion, and transparency, the widespread adoption of AI in financial services risks deepening existing inequalities. We must ensure this technology serves the common good - strengthening, rather than undermining, social and economic cohesion.”
*Molly Newell leads TASC’s research on a variety of emerging tech issues, including AI, cybersecurity, digital regulation, and platform economies.
MEDIA COVERAGE
Print:
RTÉ - Widespread concerns among bank staff over AI - survey
Irish Times - Most financial sector workers believe AI will lead to job losses – FSU survey
Radio:
John O'Connell on Community Radio Castlebar (CRC FM) -
Molly Newell on RTÉ DriveTime -
Join the conversation on Facebook: (Click on an image to see the Facebook post)
Launched today results of our survey on AI-'Accounting for Workers in the age of AI'88% of financial services workers believe AI will lead to job loss. Surveillance and bias are major worries |
Briefing Brian Hayes, CEO of the BPFI this morning on the findings of our research into the possible effects of AI in the financial services sector |
FSU General Secretary John O Connell speaking to local radio this morning about the findings of our research into the possible effects of AI in the financial services sector. |
Briefing Malcolm Byrne TD, Chair of the Joint Oireachtas Committee on AI on our research into the possible effects of AI in the financial services sector. |
Are you affected by AI in the workplace?
If you have a question or are unsure of your rights, if you need support or representation, freephone us in confidence -- ROI 1800 81 91 91 - NI 0800 358 0071 or email us at advice@fsunion.org If you are unable to call us, you can complete a confidential contact form HERE and we will respond directly. |
| The Financial Services Union (FSU) is the leading Trade Union representing staff in the Financial Services, Fintech, and Tech sector |
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