With the increasing and seemingly inevitable presence of artificial intelligence (AI) technologies in the workplace, a significant majority of finance workers have expressed fears over ongoing job security and their perceived lack of skills to effectively make use of the technology, according to a new financial workforce survey.

The survey, conducted by the Financial Sector Union (FSU), found that while more than three out of four Australian financial services workers were already using AI, at least to some extent, most felt unprepared for its adoption by their employers. Further, more than two-thirds (67 per cent) of surveyed workers fear that their job will disappear as a result of AI’s incursion in the workplace.

Of the 2,200 financial sector workers surveyed, more than half said their workplaces have already adopted AI systems.

Much of the fear and negativity surrounding the technology may likely be due to misunderstanding, as well as a lack of transparency by employers around its adoption or insufficient training of employees.

More than one in three (38 per cent) finance workers rated their understanding of AI as either ‘low’ or ‘very low’, with just eight per cent stating that they understood the technology well.

Further, around 40 per cent of workers said they were not equipped to work with AI technologies.

Almost two-thirds (61 per cent) said they had not received any AI training; only 13 per cent reported having discussed AI with their employer, with just over a quarter (27 per cent) receiving some general information about AI.

Despite the apprehension, the Union found at least some level of optimism around the technology, with one in three feeling that it would improve work-life balance and job satisfaction. However, an overwhelming majority (73.5 per cent) felt the technology would negatively impact human interactions.

Commenting on the results of the survey, FSU national assistant secretary Nicole McPherson noted that while workers understood the inevitability of technology change from AI, their being excluded from this process will only exacerbate feelings of “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,” McPherson said.

The Union urged finance sector employers to “step up and take a better approach” to address the current “absence of training, education and inclusion of workers” when adopting AI.