JOHANNESBURG - The Commission for Conciliation, Mediation and Arbitration (CCMA) is warning of a jobs bloodbath.
In its latest financial report, the CCMA says the tech revolution has caused mass retrenchments in an already struggling economy.
And jobs in the banking industry are in danger.
The CCMA says increased automation and artificial intelligence will have a negative impact on jobs in the industry.
Bank customers are increasingly relying on technology to do their transactions and mobile devices are making banking more convenient.
"The banking sector is the hardest hit because they use more automation which affects the bank branch approach," said CCMA director Cameron Morajane.
In September, trade unions were interdicted from embarking on a shutdown of the banking sector.
Around 50,000 union members were stopped from protesting against job cuts and retrenchments because of the tech revolution.
Some banks have started training staff to adapt to technological changes.
Meanwhile, it's uncertain how many banking employees will be affected by the looming retrenchments.