Thursday July 25, 2024

Which jobs will AI replace?

By Agencies
April 19, 2023

WASHINGTON: Since the release of powerful AI tools ChatGPT and Google’s Bard, discussions about whether “robots” will replace humans have grown, and studies show some jobs—surprisingly, some traditionally white-collar work—may be heavily impacted. Generative AI, a form of artificial intelligence capable of creating text or other content in response to user prompts, has quickly gained popularity following the public launch of OpenAI’s ChatGPT.

Since its November 2022 release, people have used AI chatbot ChatGPT for an array of this, including writing college-level essays and generating code. The AI race heated up after Google released Bard on March 21, a ChatGPT competitor and a separate entity from the company’s Google search engine.

The report also predicts two-thirds of jobs in the US and Europe “are exposed to some degree of AI automation,” and around a quarter of all jobs could be performed by AI entirely. Researchers from the University of Pennsylvania and OpenAI found some educated white-collar workers earning up to $80,000 a year are the most likely to be affected by workforce automation.

According to the report, jobs in agriculture, mining and manufacturing are the least exposed to generative AI, while jobs in the information processing industries, like IT, are the most exposed because jobs that use “programming and writing skills” are more closely related to GPT’s capabilities. Generative AI isn’t perfect, both OpenAI and Google admit their programme sometimes gives incorrect responses and has other flaws, like ChatGPT’s knowledge base that ends in 2021, and Bard’s limited conversation retention.

Banks have already begun incorporating AI into their business models. 56% of banks claim they’ve implemented the technology into their business domains like management, and 52% claim they’ve used it for revenue generation, according to Cambridge Centre for Alternative Finance and the World Economic Forum.

Abhijit Bose, a Capital One senior vice president, told the Washington Post AI will potentially “monitor transactions” to give detailed financial advice on saving and spending. Morgan Stanley has begun using OpenAI-powered chatbots to organise its wealth management database, helping advisers pull up data and research more efficiently.

The World Economic Forum also predicts AI will bring three changes to the finance division: job cuts, job creation and increased efficiency. In addition, they estimate by 2027, 23% of jobs in China’s financial sector will be replaced by AI.Kristian Hammond, chief scientist of Natural Sciences told the BBC in 15 years, “90% of news will be written by machines.”