Will AI replace humans?

Greetings from the other side of the world, where I am taking advantage of some much needed "downtime" (relatively speaking) and interactions with real humans.

In the past few days, I came across a few articles around jobs and displacement by AI.

"Will AI take away jobs from humans?" is a question debated by many for a while now. We've heard that AI will automate mundane jobs and free up time for people to do things they actually enjoy. But does that argument hold? Who will upskill / reskill those who are displaced so they can indeed do something else?

And what will happen to the creative workers when even amateurs can use AI to churn out graphic designs and videos?

Christopher Mims wrote in his weekend read in The Wall Street Journal : "... since the debut of ChatGPT and other generative AI models, the number of freelance jobs posted on Upwork, Fiverr and related platforms , in the areas in which generative AI excels, have dropped by as much as 21% ."

According to a recent McKinsey report, "... with gen AI, 27 percent of the hours worked in Europe and 30 percent of hours worked in the U.S. today could be automated by 2030, based on a midpoint adoption scenario."

With millions of occupational transitions hanging in balance, is this uncertain future a sign of things to come? Or will it balance itself out eventually once the novelty wears off and we rediscover human ingenuity and creativity?

Sometimes it can be hard to be optimistic when you hear this though ...

"Some creative jobs maybe will go away, but maybe they shouldn’t have been there in the first place if the content that comes out of it is not very high quality."

Ouch.

As for the organizations who have embarked on the gen AI journey, some are finding that it's not as easy as they thought. Significant handholding — keeping data organized, up-to-date and secure —?is needed for the tool to work properly.

Just another reminder: AI is not magic after all.

Beyond creative work ... here is another question. Can chatbots replace human therapists And will you pay $20 for an "AI therapist"?

I have so many questions ...

What else I am reading

When it comes to AI in banking, most of us would probably want to know what data is being collected and how it is being used. According to the U.S. Banking Disruption Index by GFT, while most customers are open to AI use, they have a few caveats (see below), understandably.

Amongst all the functions, the ones that consumers seem to be the most receptive to is the ability monitor fraud in real-time, followed by saving advice and practical help with everyday banking needs (such as checking balances and transferring funds).

I am a bit curious though as to what the 23.73% refer to as "there are no such functions". Space travel?

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If AI is our new future, what is our role in making sure the diversity of our civilization is not lost? Will we be willing to stand up for those who don’t have a voice at the table? What part will we play in this new narrative? Or will we simply let it be overwhelmed and washed away, just like the physical islands and coastal nations —?whose futures are being undone right in front of our eyes?

In this month's FinTech Futures , I wrote about hopes, dreams, and purpose, and why I do what I do.

We have one life to live. Find what you love and what drives you. Make it count.

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While money movement is as 1's and 0's as it can get ... changes are still happening without the ecosystem, albeit slowly.

Thank you Forbes for including my two cents in the recent article on mobile payments .

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In this week's One Vision podcast ...

Generative AI in 2023 was a bit of an enterprise parlor trick: something that fascinated and amused workers-maybe helped them create an image or revise a blog post — but didn't provide substantial value to the broader organization. That's changing. In 2024, adoption is ramping up, and we're starting to see how generative AI will actually reshape the future of work.

In this episode of One Vision Podcast , I chat with Christopher Juneau , SVP, Head of SAP Concur Product Marketing, on how we can adapt to a changing world of finance with AI.

Give this episode a listen and let us know what you think.

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