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Global banks could cut up to 200,000 jobs over the next three to five years as AI takes on responsibilities currently handled by human workers, according to a Bloomberg Intelligence report released at the beginning of the year. CBA CEO Matt Comyn has been leading efforts to expand the use of technology in Australia’s banking sector, and earlier this month the firm announced a partnership with OpenAI to introduce advanced AI tools for its customers and staff. Meanwhile, banks globally are assessing the role of AI and how it may affect employment. The report noted that back office, middle office, and operations roles are most exposed.
The Commonwealth Bank of Australia (CBA) has reversed its decision to eliminate 45 customer service jobs with AI. CBA claimed its voice bot reduced calls by 2,000 per week. The bank reportedly had planned to cut the roles due to the implementation of new AI technology.
The Finance Sector Union even took CBA to a workplace relations tribunal, claiming that the bank was not being transparent about call volumes, according to a report by Bloomberg. This comes after the bank faced pressure from the country’s leading financial services union. However, the union argued that as call volumes were increasing, it became necessary for the bank to offer overtime to its staff and have team leaders answer calls, the report claims.