What Positions Will AI Replace? These 4 Industries Will Experience Significant Impact

Following the public release of OpenAI’s ChatGPT, generative AI—a type of artificial intelligence that can produce text or other content in response to user prompts—has quickly grown in popularity.

Since its November 2022 release, users have used the AI chatbot ChatGPT for a variety of tasks, including creating programming and producing college-level essays. ​​

After Google introduced Bard on March 21, a rival to ChatGPT and a separate entity from the company’s Google search engine, the AI competition picked up steam.

Around 300 million jobs, or 18% of employment worldwide, could be automated, according to a new Goldman Sachs analysis, with more developed countries being severely impacted than emerging markets.

Two-thirds of U.S. and European jobs “are exposed to some degree of AI automation,” according to the paper, and about a quarter of all jobs may be totally carried out by AI.

The most likely group to be impacted by workforce automation, according to researchers from the University of Pennsylvania and OpenAI, are some educated white-collar workers making up to $80,000 per year.

Employment in the information processing industries, like IT, is the most exposed to generative AI, the paper claims, but employment in agriculture, mining, and manufacturing is the least exposed. This is because those jobs that require “programming and writing skills” are more closely tied to GPT’s capabilities.

Generative AI isn’t flawless; OpenAI and Google both acknowledge that their software occasionally responds incorrectly and has other problems, such as ChatGPT’s knowledge base’s expiration in 2021 and Bard’s low conversation retention.

Finance and banking: Banks have already started using AI in their operational strategies. According to the Cambridge Centre for Alternative Finance and the World Economic Forum, 56% of banks say they have integrated technology into areas of their operations like management, and 52% say they have used it to generate money. According to Senior Vice President of Capital One Abhijit Bose, AI may “monitor transactions” to provide in-depth financial guidance on saving and spending. In order to better organise its wealth management database and make it easier for advisors to access information and conduct research, Morgan Stanley has started employing chatbots powered by OpenAI. The World Economic Forum forecasts that AI will impact the finance industry in three ways: by reducing jobs, creating jobs, and improving efficiency. Additionally, they predict that AI will replace 23% of positions in China’s banking industry by 2027.
Media and marketing: According to Natural Sciences’ Chief Scientist Kristian Hammond, “90% of news will be written by machines” in 15 years. In advance of earnings announcements, Natural Sciences’ Quill software, an AI paraphrase tool, prepares corporate reports. German publisher Axel Springer revealed in February plans to go “digital only,” which included employment losses in favour of “modern technology” and automation. The use of ChatGPT by journalists for a variety of media publications, including Business Insider, CNET, and CNBC, has drawn criticism for the stories’ frequent use of misleading information. To the chagrin of the staff, BuzzFeed CEO Jonah Peretti said in January that the company would rely on ChatGPT to enhance quizzes and personalise content. According to a Salesforce study, 84% of marketers reported utilising AI in 2020, a significant increase from 29% in 2019. According to the survey, high-performing marketing teams used AI and machine learning in an average of seven different ways in 2020, and more than half of them intended to use it more often in 2021.
Legal assistance: A lawyer used ChatGPT to create a 14-page legal paper that was published in Social Science Research Network on a variety of topics, including drafting a contract, arguing against appealing the Supreme Court’s ruling on same-sex marriage, and coming up with deposition questions. According to Suffolk University Law School Dean and paper author Andrew Perlman, the AI bot has the ability “to address access to justice questions” and provide legal services to individuals who cannot afford them. According to research released in 2022 by Legal Services Corp., low-income Americans receive insufficient or no legal assistance for 92% of their civil legal issues. Some have already started integrating AI into legal services, such as the business Lawgeex, which offers a service that scans contracts more quickly and accurately than humans.