«Banking in 2030» or AI in the financial sector
How will current global trends and in particular AI shape the future of the European banking sector and its employees?
OGBL Finance Sector participated on 17th February 2023 in Paris in a workshop organised by Uni Finance. It focused on the key trends that are transforming the banking sector such as AI and new technologies.
The first thing that was highlighted during the workshop was the need to strengthen digitalisation and human capital.
The workshop also stressed the relevance of social dialogue as a means of anticipating and managing the various changes. AI is an opportunity not to be missed. There must be a joint statement at social level with the trade unions.
Social dialogue is excellent for the economy as a whole. We should not forget that the social partners are very important in the social dialogue. They can facilitate transitions in the changing world of work.
The social partners recognise that they have a key role to play in shaping the use of digital tools from the outset through social dialogue and collective agreement negotiations.
SKILLS AND TRAINING
One of the main challenges facing workers in the sector is the need for new skills in order to be familiar with the new digital tools and the use of AI.
It is therefore necessary to plan now for the training that will be needed by the people who will manage the transformations and why not create a platform to secure the future: social dialogue is more useful than ever, modern and relevant.
AI and new digital technologies are rapidly transforming the financial sector and its functioning. AI is not the only possible solution but it is an important tool for the digital transformation of the banking sector.
Caution: there remains a very significant concern about the ethical use of AI and algorithms. What happens to data protection? All these new digital tools allow the collection and analysis of thousands of pieces of information: how are all these data used?
We need to be vigilant and careful about how AI is introduced into the workplace, especially in relation to surveillance.
Algorithms and AI are not 100% reliable, consequences such as discrimination and inequalities occur too often.
But it should not be forgotten that the lack of transparency in the way algorithms and AI make decisions raise many questions about ethics.
In conclusion, the wide use of AI and new digital technologies in the financial sector has a very significant impact on employees: their functions, their positions and their working conditions.
There is a need to be vigilant and attentive to the way AI is introduced in the workplace, particularly with regard to surveillance, data protection and the impact on employment and training.
There is a clear need for social dialogue and collective bargaining at both company and sector level.
We absolutely need a legal framework and an observatory to manage the impact of AI on the financial sector.
- Increasing inequality / Unfair competition
- Displacement of workers / Deterioration of the business model
- Weakening of social dialogue
- Liability risks
- Decline in quality of jobs
- Risks to physical and mental health
- Changing skill requirements
- Confident use of IA
In order to be able to anticipate these risks the social partners must act and regulate the adoption and implementation of AI in companies.
OGBL will continue to follow this issue and will keep you regularly informed of developments at European, national and sectoral level.
Do not hesitate to contact us with questions, because as employees of a company in the financial sector you are all confronted with it.