(Bloomberg) – The Federal Bank of Australia has reversed its decision to cut the role of 45 customer service with new artificial intelligence technology following pressure from the country's leading financial services coalition.
The company took the CBA to a workplace court earlier this month, according to a statement Thursday from the Financial Sector Union. The country's biggest lender said the voice bot reduced its call volume 2,000 times a week.
The initial assessment that the CBA's role was not necessary “did not take appropriate consideration of all relevant business considerations and this error meant that the role was not redundant,” a CBA spokesman said in a statement.
“We apologised to the employees involved and acknowledged that they should have been more thorough in assessing the roles needed,” the spokesman said. The affected staff are offered the option to continue their current roles and seek a different position or leave the company, the spokesman added.
Chief Executive Matt Comyn is on the forefront of technology advancement in Australia's banking sector, and this month announced a partnership with Openai, bringing advanced AI to customers and staff. Elsewhere, lenders around the world are working on using AI and its impact on their work.
The union calls for a decision to withdraw work and cuts down “mass victory” for its members.
The Sydney-based bank said it is also reviewing internal processes to improve its future approach. The company employs more than 51,000 staff.
Separately, Rival National Australia Bank Ltd. said earlier this week it was involved in the Financial Sector Union after an error occurred in paying staff.
More stories like this are available at bloomberg.com
