26% of People think AI will Take their Job

It is all anyone is talking about. Since ChatGPT hit the headlines and we were exposed to its surreal ability to communicate, the world has been anxiously waiting to see its true impact. And when you read the news, the impact of AI isn’t looking good for many professionals: “Administration, legal professions, architecture and engineering are among the sectors likely to be worst affected…up to 46% of tasks in administrative sectors could be replaced by AI.”¹ “A March 2023 report from Goldman Sachs estimated that AI capable of content generation could do a quarter of all the work currently done by humans. Across the European Union and US, the report further notes, 300 million jobs could be lost to automation.”² Apart from both statements painting a bleak picture, they possess a further commonality: AI “could” take your job. No one actually knows. No one is confident in how AI will influence the future of work. So, let’s assess. Last week we polled our 160,000 followers on LinkedIn: Given that AI “allows a computer to act and respond almost as if it were a human”, will it take your job? 74% said no.³ And we don’t think this is misguided confidence. But what is imperative to note is that we can’t just dismiss AI and continue in our professional pursuits as before; we must evolve our roles alongside it. Earlier this year, Richard Baldwin, economist and professor at the Geneva Graduate Institute in Switzerland, concisely put it when he said: “AI won’t take your job. It’s somebody using AI that will take your job.” This threat of 300 million jobs being lost is a possibility. But it speaks to a demographic that fail to realise that AI will be part of our future and we must learn to use it to remain competitive, relevant and aware. AI in FinTech More than 90% of international FinTech firms rely on AI and machine learning.⁴ And what’s particularly interesting is how it’s informing FinTech’s approach to behavioural finance. It is teaching us so much more about customer spending habits, investments, and how human psychology influences economic markets. Marketplace intelligence is exponentially growing — it’s amazing! Now what do we do with that data? If we were to review AI, it would go something like: “AI is great at compiling but fails to implement properly or provide authentic human insights.” Basically, we need people to turn that data into something tangible. It means new roles will be created; ones that forge partnerships with AI to translate its insights. And it doesn’t mean those previously responsible for gathering such data will be fired in light of this. You will still need people to create situations in which raw data can be compiled. And they will need to be more creative about this to remain competitive — but that equates to new opportunities! By 2026, AI in FinTech is expected to reach a value of $26.7 billion.⁵ Now, this “could” be because of a robot takeover. But when we asked ChatGPT if a robot takeover was likely by 2026, they said: “…it is unlikely that robots will be in full control by 2026. While robotics and artificial intelligence continue to advance at a rapid pace, the notion of robots being in complete control involves complex factors such as technological development, societal acceptance, and ethical considerations. While robots and AI systems are being increasingly integrated into various aspects of our lives, they still require human programming, oversight, and intervention. Human control and decision-making remain crucial for the foreseeable future. It's also important to note that there are ongoing discussions and debates surrounding the ethical and safety implications of granting autonomous control to robots.” It’s not about being fearful of this intelligent future. It’s about pivoting. Identifying new opportunities. Collaborating with AI. And understanding that ChatGPT isn’t the answer to all your questions — but it will be a massive help. References: [1] Will AI Take My Job?, The Times Money Mentor, Frederica Miller (May 2023) — https://www.thetimes.co.uk/money-mentor/article/will-ai-take-my-job-uk-chat-gpt-news/#:~:text=According%20to%20the%20report%2C%20up,are%20predicted%20to%20be%20affected. [2] The Jobs AI Won't Take Next, BBC Worklife, Kate Morgan (May 2023) — https://www.bbc.com/worklife/article/20230507-the-jobs-ai-wont-take-yet [3] Given that "AI allows a computer to act and respond almost as if it were a human", will it take your job?, Harrington Starr LinkedIn Poll (June 2023) — https://www.linkedin.com/feed/update/urn:li:activity:7079400612857008128 [4] The Hottest Fintech Trends for 2023, TechMagic, David Grinberg (March 2023) — https://www.techmagic.co/blog/fintech-trends/ [5] The Hottest Fintech Trends for 2023