Employers in the banking sector have been cautioned on the dangers of replacing workers with robotics in the financial sector of the economy.
This is even as members of the Association of Senior Staff for Banks, Insurance and other Financial Institutions (ASSBIFI) has re-elected Oyinkansola Olasanoye, as the President at its 10th Triennial Delegate Conference in Abuja.
The new president in her speech noted that Robots lack soft skills needed to thoroughly evaluate loan risks and may further worsen the bad loans situation the banks are presently battling with.
She said, “Today, apart from the direct impacts ICT tools, robots, automated machines and artificial intelligence seem to have on the employees work-life balance and occupational hazards, there are other issues with spiral effects that also need to be reviewed.
“The introduction of digital innovations is a threat not only to the institutions, but also to the general public and the employees as most of these new actors are often less regulated and less labour intensive.”
She added that the rise of robot-advisers in the financial service is another threat to job loss.
The ASSBIFI boss expressed that the issue of fairness in competition is also a major concern because the digital world is a winner-takes-all business.
“The effects of all these innovations and their impacts on the financial stability and on the viability of traditional banks and insurance companies require a careful balance between fostering innovation and ensuring a regulatory level playing field,” she stated.
She however urged the members never to loose sleep because there are lots of work to be done in relation to rising job losses in the financial sector which is due to innovations and financial inclusion.
The new president was returned with some of her cabinet to steer the affairs of the association for the next three years.
After what the members tagged a ‘peaceful transition’, the incumbent National President of the Association, who is also the Deputy President of the Trade Union Congress (TUC), Oyinkan Olasanoye, was returned un-opposed while Olusoji Oluwole, was elected as first National Deputy President and Gbahbong Manfa Nden, second National Deputy President.
Olasanoye thanked the members of the Association for the trust and confidence they have in her and she promised to sustain and consolidate the achievements achieved so far.
According to her, “precisely on November 28, 2016, the Association created history by electing me as their first ever female National President into its Central Working Committee (CWC).