Technology and your people: what next?

Financial institutions are increasingly exploring AI solutions for their business operations. And alongside the transformational benefits this can bring, ethical and regulatory concerns are being explored.

The opinions expressed here are those of the authors. They do not necessarily reflect the views or positions of UK Finance or its members.


But what might this transformation mean for one of your most valuable assets: your people? 

The impact on your people must be part of the AI conversation.  At TLT we are already supporting our clients with navigating the impact that technology might have on their people.  In our experience, those in the sector who are having the most meaningful conversations are asking themselves the following:

Do our teams need to work differently or do roles need to change? 

  • This might mean recruiting in new areas (where the war for talent is significant) and restructuring other parts of your organisation (where skills are less in demand). Might you be able to retrain or upskill existing (for example, customer facing) roles to bridge the gap between what technology can achieve and what your customers need? 

Should we be monitoring any current use of AI? 

  • Chat GPT and other AI products are already publicly available.  There is increasing concern that this is already being used to deliver existing work without governance or review.  How can you “police” this?  Who should be responsible?  And what security can you put in place?

Is there any impact on our equity and inclusion agenda and how can we address this?

  • Evidence shows that data used by AI systems is sourced predominantly from white men. Bias within existing data sources can perpetuate and amplify existing stereotypes for women and minority groups. This means that using AI to assess customers or employees can cause significant disadvantage and create legal risk.  In a recent case concerning the use of facial recognition technology, the Equality and Human Rights Commission made clear that “It is important to understand that as AI usage increases the technology can lead to discrimination and human rights abuses.”  Do you know how AI is working in your business?

If we outsource delivery to third parties, will we be left with additional costs?

  • If you are working with third parties to deliver services for your customers in a different way, will your teams end up transferring to work for the new provider?  And if not, will you be left with the cost of making redundancies? We are increasingly being called upon to advise on whether the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) might apply when work is being done in an entirely new way through technology. 

Undoubtably AI advances have benefits but consideration of people needs to be at the forefront.

For the latest legal insight into these issues and more, plus further practical advice on what to do now to prepare for the future of your workforce, contact Sarah Skeen, Partner, TLT on sarah.skeen@tlt.com.