Accounting for Workers in the Age of AI
Financial Services are a key player in the Irish economy - so how can we keep workers from bearing undue harms from the integration of artificial intelligence?
Ireland’s skilled workforce, membership in the European Union, and favourable corporate tax environment have secured the nation’s position as a leader in European and global finance. The financial services sector, which directly employs nearly 60,000 workers, is a cornerstone of the Irish economy, contributing significantly to GDP and positioning Ireland as a hub for innovation. However, this sector now stands at a critical juncture as the rapid adoption of artificial intelligence (AI) facilitates transformative changes that will redefine the contemporary understanding of “work.” AI technologies are being integrated into organisational processes at an unprecedented scale, offering the potential to boost productivity, streamline operations, and enhance decision-making.
However, these advances come with significant risks, particularly the displacement of jobs in roles heavily exposed to automation. This report examines both the opportunities and challenges posed by AI, providing an in-depth analysis of its impact on workers, businesses, and the future of financial services in Ireland. Finally, it offers recommendations to support workers in Ireland’s financial services sector as they navigate technological disruption.
AI Exposure in the Financial Services Sector
AI adoption is set to automate repetitive, data-driven tasks, leading to significant disruption in roles that are highly exposed to automation. Approximately 63% of Irish jobs are exposed to AI disruption, with financial services emerging as one of the most affected sectors. Job exposure depends on two factors: the degree to which AI can perform tasks within a role (exposure) and its potential to augment rather than replace human contributions (complementarity). Administrative and clerical roles, characterised by high exposure and low complementarity, are particularly vulnerable. Conversely, roles such as financial managers and data analysts, which combine high exposure with high complementarity, stand to benefit from AI-driven augmentation. The impact of AI will not be evenly distributed. Women, for instance, are overrepresented in administrative roles that are more exposed to automation risks while being underrepresented in leadership positions that face lower risks. Entry-level workers, whose responsibilities often involve routine tasks, are particularly vulnerable, though their familiarity with technology could help them adapt. Urban centres like Dublin and Cork, which host a significant share of financial services activities, face higher exposure than rural areas.
Changing Workplace Environments
AI’s growing role in workplace processes also raises significant concerns about surveillance and privacy. Employers increasingly use AI-powered tools to monitor employees, track performance, and gather data on workplace activities - often at the expense of employee trust and morale. Over 58% of surveyed workers expressed concerns about expanded managerial oversight through AI, citing the risk of constant monitoring, erosion of privacy, and potential misuse of personal data. Without clear boundaries and robust regulatory frameworks, AI-enabled surveillance risks foster a culture of mistrust and anxiety, further compounding the challenges faced by an already disrupted workforce.
Opportunities for Resilience and Growth
Despite these challenges, AI presents significant opportunities for growth and resilience. Demand for skills in AI, big data, and cybersecurity is surging, creating new roles in emerging fields such as data analysis, AI ethics, and prompt engineering. Workers equipped with these skills will be better positioned to thrive in a digitalised workforce. Inclusivity in training programmes, particularly for women and workers from other marginalised groups, can help bridge gaps and ensure equitable access to opportunities.
Surveying Worker Sentiment
This report is informed by a comprehensive survey of over 600 financial services workers across Ireland, Northern Ireland, and Great Britain. The survey captures critical insights into worker familiarity with AI technologies, evolving perspectives on its role, and levels of optimism for the future.
Key Survey Findings
The findings reveal widespread concern: 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. Notably, workers under the age of 35 and those in administrative roles express the highest levels of anxiety about AI-driven displacement.
Other significant findings highlight concerns about AI’s role in decision-making and worker surveillance. 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. Workers also reported a skills gap, with only 28% feeling adequately prepared to use AI tools in their daily work. Younger workers (under 35) were more likely to feel comfortable adopting AI compared to their older counterparts, while women were less likely than men to feel prepared for AI-driven changes.
Despite these concerns, some workers recognised AI’s positive impacts. Around 79% of respondents who use AI tools regularly reported improved job performance, and 63% felt that AI enhances their overall work experience. However, these benefits are not evenly distributed. For instance, male workers are more likely to experience positive outcomes.
Paths Forward
Historically, technological progress has been to the benefit of economic elites, not the workers themselves – but this modern industrial revolution has the potential to be different. With collaborative efforts that acknowledge the importance of workers’ rights, social justice, and economic inclusion, the policies of today can foster a fairer labour market and ensure that AI-driven transformation benefits all stakeholders.
Private Sector Policy Recommendations
Workers in financial services strongly believe that employers should help their workforce navigate AI-driven disruptions, with 86.9% agreeing that employers should protect workers from job displacement caused by AI. Many workers also feel that companies benefitting from AI efficiencies should reinvest in their employees through upskilling programs, transition pathways, and ethical AI policies. The following recommendations aim to guide employers in navigating these challenges while ensuring that workers are equipped to thrive in an AI-integrated future.
- Recommendation 1: Improve worker experiences and outcomes by increasing employee-employer collaboration
- Recommendation 2: Strengthen workplace support for Collective Bargaining on AI
- Recommendation 3: Initial negotiations should outline key union priorities for just digital transformations
- Recommendation 4: Increase private sector investment in upskilling and retraining
- Recommendation 5: Leverage upskilling programmes to address workplace inequality
Public Sector Recommendations
The public sector has a crucial responsibility to mitigate the risks and maximise the benefits of AI for financial services workers. 88% of workers surveyed support public action to protect workers against AI-related job loss. While such policies are unlikely given the priorities established in the Government AI strategy, these attitudes reflect a larger need for the government to expand efforts to help workers adapt to changing labour conditions. By implementing forward-looking policies, investing in education, and advocating for worker protections, public authorities can help ensure a fairer, more inclusive labour market. These recommendations focus on supporting research, expanding training opportunities, and shaping AI governance frameworks to safeguard worker wellbeing and promote sustainable workforce adaptation.
- Recommendation 6: Support Government efforts to research the impact of AI on the Financial Services sector
- Recommendation 7: Advance AI training and workforce adaptation for sector-specific needs
- Recommendation 8: Expand lifelong learning and workforce accessibility
- Recommendation 9: Use representation on EU AI Board and working groups to advocate for worker-centric priorities