Received from: Aegis
The UK finance sector is a key part of the economy. It provides over 1.1 million workers with relatively good-quality jobs. The recent advances in artificial intelligence poses a threat to many traditional roles in our sector. According to McKinsey up to 375 million jobs worldwide will be replaced by automation by 2030 and it’s clear that white collar and administration roles in our sector will be amongst the hardest hit.
Many financial services providers are already using AI to detect fraud and make trading decisions. The predictions around job displacement are frightening, with call centre and customer service roles estimated to drop by 75 per cent as a direct result of AI.
Congress acknowledges the excellent work the TUC has already done on AI in the workplace. However, the unprecedented pace in which AI is advancing means that more work is required to prepare organisations and workers for the impact.
AI brings opportunities as well as threats. Aegis calls on Congress to put pressure on the government to ensure employees are not left behind by:
i. addressing the lack of state regulation
ii. provide funding to support the reskilling and retraining of workers at risk of being replaced by AI
iii. ensure employers introduce safeguarding policies to support employees in the new AI driven workplace.
› In paragraph 1, sentence 3, after “roles in our sector” insert:
“and to workers across the economy.”
› In paragraph 4, bullet point number 2, after “risk of being replaced by AI” insert:
“and to support workers in benefitting from changes to their roles and work focus through the introduction of this technology”