The Future of Banking and Tech: How Generative A.I. Will Make its Biggest Impact, According to a Report

An emerging class of A.I. poses a threat to established notions of technology. For a long time, there has been concern about automation leading to job loss in areas like warehousing and fast food. Recent research has revealed that generative A.I., such as that used in OpenAI’s ChatGPT, will have a larger impact on high-paying white-collar positions in industries like finance and technology. Employees need to adapt to a future where A.I. will play a big role in workplaces that have been less affected by technological advances.

Professionals in the tech industry could potentially create A.I. replacements for themselves. The report suggests that workers with college degrees will be the most affected by these changes. The study estimates that workers in jobs like business analysts, marketing managers, and software developers are most susceptible to job displacement due to generative A.I. Companies in finance and tech are expected to spend large portions of their payrolls on workers in roles that A.I. could take over. In contrast, industries like retail and transportation are less likely to be impacted by this technology.

The report doesn’t forecast job losses due to generative A.I., leaving it up to employers to decide whether to use A.I. automation to save money or to invest in growth and hire more workers. The need for increased training and investment in workers to prepare for these changes is clear, as emphasized by Johnny C. Taylor Jr., chief executive of SHRM. Nevertheless, the actual impact of generative A.I. remains uncertain, although it is predicted to significantly affect future work.

As the economy and workforce prepare for the effects of generative A.I., there is a growing body of research predicting economic growth, productivity surges, and automation of millions of jobs via routine office and coding tasks. The report further highlights the uncertainties surrounding the potential impact of generative A.I., as the studies are currently based on educated guesses. Despite the potential for a significant effect, the exact nature of the impact is yet to be fully understood.

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