AI’s Impact on Job Market: Banking, Healthcare, and Creative Industries – What’s at Stake?

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Artificial Intelligence (AI) continues to grow at an astounding pace, permeating various industries with its potential to improve efficiency, productivity, and cost reduction. However, concerns over job losses due to AI remain at the forefront of discussions, as many tasks once performed by humans could soon be automated. For instance, IBM CEO Arvind Krishna recently announced the possibility of AI and automation replacing around 7,800 jobs at IBM within the next five years.

One sector particularly at risk facing job losses from AI is the banking industry. In a report released by Accenture, it was revealed that 54% of tasks in banking had a high potential for automation, followed closely by insurance at 48%. Large Language Models (LLMs) like ChatGPT are already capable of handling an array of tasks, such as generating smart contract code and market analysis.

Although AI’s rapid growth brings the potential for job displacement, it’s important to note Dr. Gary Marcus’s perspective on the issue. The AI expert believes that people will work together with machines for the next several years, especially in creative problem-solving and critical thinking areas that require uniquely human skills. Fine art, for example, is a sector where AI is unlikely to replace human artists anytime soon, while commercial art may be more at risk.

The World Economic Forum has also closely monitored the impact of AI on job markets. In their “The Future of Jobs Report 2023”, they recognized both the losses and creation of jobs. The report identifies high-level skills, such as analytical and creative thinking, as the most demanded in the future job market. Furthermore, companies with more than 50,000 employees are focusing on training strategies that help their workforce efficiently use AI tools.

Although more hands-on professions, such as cooks and mechanics, are unlikely to be replaced by AI tools in the near future, jobs involving data or information processing, particularly in healthcare, are at higher risk. Healthcare providers are increasingly relying on AI to analyze patient data, putting data analysis roles at risk of automation.

In conclusion, clerical and administrative tasks appear to be most heavily impacted by AI’s progression within the next few years. However, individuals who develop their creative or analytical thinking abilities and master the use of AI-related tools will have better chances of avoiding replacement. As AI continues to revolutionize various industries, it’s vital for job-seekers and workers to continually develop their skill sets and adapt to the new technological landscape.

Source: Cointelegraph

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