Key findings as the FinAI project concludes

Launched in 2024 and now concluded, the EU-funded FinAI project shows that AI is not reducing jobs in Europe’s financial sector, but transforming skills, roles and working conditions. The findings highlight a clear need for stronger worker protections, continuous reskilling and effective social dialogue.

The project wrapped up at the end of March with a final conference in Vico Equense. NFU has been actively involved as an associated partner throughout the project.

Led by First CISL in collaboration with researchers from ADAPT and KU Leuven, the FinAI project aimed to strengthen social dialogue in the European financial sector on digitalisation and the use of AI-based decision-making and monitoring systems.

The full findings of the project are published in the Assessment Comparative Research Report by ADAPT and KU Leuven.

Skills and reskilling at the centre

One of the project’s clearest conclusions is that digitalisation and AI are not leading to an overall reduction in jobs in the financial sector. Instead, they are fundamentally transforming the nature of work.

Roles are evolving, skill requirements are shifting, and employment structures are becoming more dynamic. This places new demands on both workers and employers to adapt quickly and continuously.

A central focus of the FinAI project has been the development of workers’ e-skills. As AI-based decision-making and monitoring systems become more widespread, ensuring that employees are equipped to navigate and leverage these tools is critical.

The research highlights that the financial workforce in Europe is not only highly skilled, but also ageing and particularly exposed to AI-driven change. This makes proactive reskilling, upskilling, and mobility policies essential.

The role of social dialogue

The project underscores that social dialogue and collective bargaining remain key tools in ensuring a human-centred digital transition.

However, their effectiveness varies significantly across countries and depends on how well agreed measures are implemented in practice.

NFU’s contribution

Through its involvement, NFU has contributed to knowledge exchange between European trade unions and helped bring a Nordic perspective into the project. This includes sharing best practices from the Nordic countries on social dialogue and collective bargaining related to digitalisation and artificial intelligence.

A representative from one of NFU’s affiliates also participated in a training opportunity for trade union representatives, aimed at establishing a common foundation of knowledge on the use of artificial intelligence in the financial sector and its implications for workers.