AI threat to banking jobs

Unite delegate Shital Pau issued a clarion call in defence of banking sector jobs which are now being threatened and replaced by Artificial Intelligence (AI).

Shital made her intervention on Tuesday (September 15), speaking in support of a motion on the future of financial services.

“Workers in the banking sector, those of us that work in branches, people who support ordinary members of the public: we are a union workforce,” she said.

“Even before the introduction of AI digital tools put a wall between us and our customers — you’ve all noticed bank branches closing down — you might not see the way older people, more vulnerable people, are shut out,” Shital added.

She went on to tell Congress that technology should always be used to “help humans, not remove them from the equation”.

Shital added that with the introduction of AI, even more jobs are on the line.

Highlighting the widespread use of AI throughout the banking sector, she pointed out that employers now want to use AI to open accounts, approve loans, and provide insurance.

“But customers want the personal touch,” Shital said. “They are humans and they want to feel like humans. They want to be able to trust the person helping them handle their finances.”

And it is these very roles that are now facing the axe, she noted. Jobs that are disappearing amid the AI revolution include entry level jobs for young people, customer-facing roles and part-time roles for people with family and caring commitments.

“The role of the union is to negotiate for jobs, pay and conditions,” Shital said. “But the union is also the anchor that keeps our industry in the service of the public, and not just the shareholders.”

Shital went on to highlight her involvement in the Unite Finance Combine, a rep-led initiative organising workers across the sector, which works by sharing information, coordinating negotiations, and “getting real results”.

“Unite fully supports the call for a national strategy for financial services,” Shital added. “We stand ready to act in solidarity with our sisters and brothers in other banking unions.”

Calling for support of the motion, Shital concluded by saying that Unite’s Finance Combine shows that “coordinated action works”.

“Our combine shows that unity works.”

The motion was carried.

By Hajera Blagg

Photo by Mark Thomas