Uniting for the Future: Trade Unions Tackle AI’s Impact on Banking and Insurance Sectors
A Gathering of Global Leaders
This week, over 80 trade union leaders representing affiliates from 35 countries convened at the UNI Global Union headquarters in Nyon to address the pressing ramifications of Artificial Intelligence (AI) on the banking and insurance industries. The event, organized by UNI Finance, sought to bring together trade unions, international organizations, and foremost banking employers to discuss the myriad impacts, risks, and opportunities that AI presents for workers and how unions can influence its integration.
The Union’s Standpoint: AI as a Worker Issue
Christy Hoffman, the General Secretary of UNI Global Union, led the charge in emphasizing that the transformation brought by AI in the labor market is becoming increasingly significant. "It’s not intuitive that AI is a worker issue, but it is," she noted, underscoring the vital role of trade unions in facilitating social dialogue and collective bargaining. Union leaders were encouraged to assess risks, understand implications, and enhance their capacities to protect workers amid these technological changes.
The Responsibilities of Trade Unions
Hoffman stressed the necessity for unions to be proactive rather than reactive, stating, “We need to be ready, we need to talk to each other, and we need to learn from each other. We can be prepared and build our own capacity.” This calls for a robust collective response to ensure that the interests of workers remain at the forefront as the technological landscape evolves.
Cautionary Tales: The Risks of Unchecked AI
Anna Maria Romano, President of UNI Finance, articulated a cautionary stance regarding AI’s influence on workplace dynamics. She warned against blindly serving AI, asserting that allowing algorithms to dictate various facets of our professional lives could lead to a perilous intersection where human beings become products rather than beneficiaries of progress.
Romano emphasized the need for unions to defend human rights at work, reminding attendees of their role to ensure that AI serves to empower rather than replace human labor. Her call to action was clear: “To ensure that workers have agency, not just efficiency.”
Insights from Experts: The Dual-Edged Sword of AI
In the session’s expert panel, Uma Rani, an economist from the International Labour Organization (ILO), provided a nuanced analysis of AI’s mixed impact. While AI has the potential to enhance efficiency and safety, she raised alarms over issues like surveillance, bias, and heightened job intensification. Citing OECD surveys, Rani pointed out that 42% of finance workers and employers in various advanced economies are already leveraging AI technologies.
Digitalization and AI: A New Era?
In further discussions, Dragos Adascalitei from Eurofound underscored that we are entering a transformative phase characterized by accelerated digitalization and diverse AI applications. He argued that while AI is more likely to augment existing jobs rather than outright replace them, workers lacking advanced skills remain disproportionately vulnerable. His assertion that “aggregate employment effects of AI are mostly positive” reflects an optimistic yet cautious outlook.
The Employers’ Perspective: Collaborating for Ethical AI
From the employer front, Aldrick Zappellini, Chief Data and AI Officer at Crédit Agricole, shared insights regarding the bank’s commitment to utilizing AI responsibly. He emphasized that every AI task must meet or exceed the performance standards set by human workers, reinforcing the importance of a human-centric approach in AI deployment.
Collective Agreements: Safeguards for the Workforce
Pierre Koelsch, Labour Relations Manager at Crédit Agricole, cited the bank’s global agreement with UNI that facilitates collective bargaining, empowering employees to preemptively address and mitigate the negative impacts of emerging technologies like AI.
Building Skills for the Future
Meanwhile, Marco Ditta, Group Head Data Officer at Intesa Sanpaolo, Italy’s largest banking institution, outlined their establishment of an internal forum to collaboratively tackle AI’s implications for their workforce. The bank is also implementing necessary training programs to equip employees with the skills needed for an AI-driven future.
The Union Initiative: Upskilling and Empowerment
Training initiatives aren’t solely in the hands of employers. Natalie George from SASBO in South Africa announced that their union had successfully provided digital upskilling courses to over 1,000 members, with plans to establish a joint oversight committee focused on AI.
Advocating for Progressive Work Environments
In a progressive push for better working conditions, Duygu Akcay from FNV (Netherlands) proposed the idea of a four-day workweek, enabled by advancements in technology and efficiency. “The five-day week is out of date,” she argued, emphasizing that reshaping work patterns can alleviate workplace stress, a primary contributor to absenteeism.
Global Disparities: Navigating AI in Emerging Markets
In India, L. Chandrasekhar from AISBISF noted the rapid transformation driven by AI but warned of inadequate regulatory frameworks compared to regions such as the UK and EU. His advocacy aims to amplify workers’ voices amid this accelerating change.
Developing Codes of Conduct: A Collaborative Future
While pioneering initiatives are already underway, Elke Maes from ACV Puls in Belgium highlighted the creation of joint codes of conduct for the application of AI in workplaces, marking a significant step towards ethical AI implementation.
Concerns for Fair Transitions
John O’Connell of FSU Ireland pointed out critical disparities in AI’s impact on labor demographics, notably that women, who represent a considerable number of AI-exposed roles, are facing job insecurity. O’Connell called for stronger bargaining and public investments in upskilling efforts while leveraging the EU AI Act for worker protection.
Navigating Negotiations: A Collaborative Approach
Recognizing the complexities of negotiating AI implementation, Arne Håstein from FSU Norway shared that their union is now working within a collaborative framework with employers to jointly explore inclusivity within collective agreements.
Union Organizing: Harnessing AI for Employee Engagement
In Australia, Nicole McPherson of FSU illustrated how AI has been integral in mobilizing support among banking employees. Using surveys from 2,200 finance workers, the FSU successfully recruited hundreds of new members and established a workplace charter focusing on AI use.
A Call for Continued Partnership
As the summit drew to a close, Angelo Di Cristo, head of UNI Finance, reiterated the urgency for continuous collaboration among unions, employers, and workers. “AI is moving fast. But we are moving too,” he stated, advocating for shared knowledge and ongoing dialogue to ensure that workers are adequately represented and prepared for an AI-enhanced future.
Conclusion: Shaping Tomorrow Together
The assembly focused on a vital, forward-thinking mission: to ensure that Artificial Intelligence serves to uplift and empower workers rather than displace them. By engaging in proactive discussions and forming collaborative frameworks, trade unions are positioning themselves as key players in shaping a future where technology aligns with humane work practices. The collective ambition is clear: harness AI to not only enhance productivity but also to safeguard the rights and dignity of workers everywhere.
