A couple of weeks ago I wrote about the potential dangers posed to US white collar jobs as technological advances continue to make it easier to outsource these jobs to countries where labor is significantly cheaper. While I do believe those dangers are real, another potential threat to our labor force comes from an entirely different source. That source being Artificial Intelligence.

ChatGPT, or Generative Pre-trained Transformer, is a state-of-the-art language model developed by OpenAI that has been making waves in the AI community. With its ability to process and analyze vast amounts of language data, Chat GPT has the potential to reduce human employment in certain industries, leading to economic disruption and job loss.

As ChatGPT becomes more sophisticated, it may be able to perform certain tasks that were previously reserved for human workers, leading to a shift in the job market and potentially exacerbating income inequality.

Some of the potential areas where ChatGPT can be used to replace human activities include:

  • Customer service: Chatbots powered by language models like ChatGPT can provide 24/7 customer service, answering basic queries and resolving simple issues without the need for human intervention.
  • Writing: ChatGPT can generate written content, including news articles, social media posts, and marketing copy.
  • Translation: ChatGPT can translate text from one language to another with a high degree of accuracy.
  • Research: ChatGPT can help researchers quickly find relevant information and summarize it.
  • Education: ChatGPT can be used to create personalized learning experiences for students, answering their questions and providing feedback on their work.
  • Data analysis: ChatGPT can be used to analyze large amounts of data and identify patterns and trends.
  • Personal assistants: ChatGPT can perform tasks such as scheduling appointments, sending reminders, and setting alarms, replacing the need for human personal assistants.

Another concern is the potential for ChatGPT to be used for malicious purposes such as creating fake news, spreading disinformation, or conducting cyberattacks. The ability of Chat GPT to generate convincing and realistic language can be exploited to deceive and manipulate people, potentially leading to harm and abuse.

I’m sure many of you are skeptical of just how easily humans can be replaced by a computer. However, the truth is this threat is a real one. If you don’t believe me, consider the fact that outside of the article’s first paragraph everything you have just read was written entirely by ChatGPT in about 45 seconds with no human assistance or editing. This ability of AI to complete such a complex task, in seconds is both astonishing and concerning to me.

While I hope, the experience and perspective I bring each week to these financial columns keeps me in the writer’s chair for a while longer, I certainly can see a day when many of my daily work responsibilities as a financial advisor gets displaced by a digital worker who demands no wage. What this will ultimately mean for me as an employee, and us as a society has yet to be determined.

(Past performance is no guarantee of future results. The advice is general in nature and not intended for specific situations)