AI to cost two-thirds of jobs

AI can not only boost our analytic and decision-making abilities but also heighten creativity. Whereas experts say, it is the destruction of human intelligence. The tech community has long debated the threats posed by artificial intelligence. Automation of jobs, the spread of fake news and a dangerous arms race of AI-powered weaponry have been mentioned as some of the biggest dangers posed by AI.

The rapid development of artificial intelligence has the potential to significantly disrupt labour markets worldwide. The concern is on the potential of AI to automate many jobs that currently require human intelligence, potentially leading to widespread unemployment and societal disruption.

Whereas the technology makers are positioning their innovation and stating that, AI can potentially enhance and augment human intelligence by providing us with new tools and methods for solving complex problems, analyzing data, and making decisions. Approximately two-thirds of current jobs in the US and the European Union are exposed to some degree of AI automation, as per the report of Goldman Sachs.

Open AI's Chatbot ChatGPT Brings Disruption to the Financial Industry in several ways. The financial sector plays a significant role in the economy by facilitating the transfer of funds between savers and borrowers. At the same time, Generative AI has truly taken the world by storm, revolutionizing the way we communicate, work, and innovate.

AI is also seen as a tool to enhance economic growth. According to Goldman Sachs, AI could potentially increase annual global GDP by 7% over a 10-year period. Significant labour cost savings, new job creation, and higher productivity for non-displaced workers are seen as the areas that will boost growth.

There are important sectors including Administrative and legal are expected to be the most impacted, with 46% of administrative jobs and 44% of legal jobs being substitutable by AI.

Going forward, ChatGPT and other generative AI tools have the potential to shake up the financial services industry, from investment decisions to customer service automation.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA