The Bank of Queensland is set to shed up to 200 jobs through a new partnership with a tech firm that will result in an increased use of AI and Australian jobs moved offshore.
BOQ informed the Australian Stock Exchange last week of its “strategic partnership” with French IT company Capgemini, which would include agentic artificial intelligence services – a form of AI that can make decisions and perform tasks without human intervention.
“The partnership is expected to lower BOQ’s cost to serve, further supporting BOQ’s ability to compete with sustainable returns in an increasingly commoditised market,” the bank said in its update to the ASX.
The Bank of Queensland is replacing call centre staff with artificial intelligence.Credit: Peter Wallis
“BOQ anticipates realising annualised cost savings of at least $30 million, expected to be achieved from FY27, with the consolidation of external service providers driving the majority of the expected benefits.”
A similar move by the Commonwealth Bank was reversed last month, admitting it should have been “more thorough” in its assessment that human jobs could be replaced by AI chatbots.
On Monday, the Finance Sector Union estimated about 200 BOQ jobs would be lost through the partnership via outsourcing overseas.
Those jobs would include 165 in the BOQ call centre in Melbourne. The rest would be in collections, retail, lending and audit roles.
“BOQ staff deserve honesty and respect, not to be blindsided about the future of their jobs,” Finance Sector Union national secretary Julia Angrisano said.
“We warned that once CBA opened the door to outsourcing and AI, the other banks would follow and BOQ’s decision proves we were right.”