Many believe we stand on the brink of a fourth industrial revolution- a technological revolution that will fundamentally change the way we live, work, and relate to one another. With the rise of artificial intelligence,the fear of robots replacing jobs is very real– Experts predict many existing jobs will be automated within the next 30 years, and the robots are already taking over- consider self checkout kiosks and self-driving trucks.
Automation which includes both machines and artificially intelligent software programs are expected to eliminate 6 percent of jobs by 2021. And it’s not just low wage jobs, Highly skilled and knowledge based job sectors, including legal and accounting is at risk at as well. According to willrobotstakemyjob– Bookkeeping, Accounting, and Auditing Clerks have a 98% chance of losing their jobs to automation in the future.
Here is an excellent video from CGP GREY talking about automation in various fields in detail.
So without further ado, let’s take a look at the professions that are at greatest risk of being affected by automation.
1)Accountants and Auditors
94% Probability of Automation
Median Annual Wage: $68,150.
With more and more people switching to Softwares like TurboTax and Freshbooks, the need for personal accounting is diminishing. That’s not to say a good accountant isn’t worth his/her gold,but the fact is that as machine learning and artificial intelligence gets better, administrative accounting jobs will eventually be replaced with the technology that does these jobs quicker and more efficiently.
2) Bank Tellers and Representatives
98% Probability of Automation
Median Annual Wage: $27,260.
As banks offer more services on smartphones and computers, customers are finding they have little need to speak with a teller anymore. According to Andy Mattes, CEO of software company Diebold- “The ATM of tomorrow is going to replace the teller”. ATMs will be able to perform most of the tasks that tellers do , such as opening accounts and processing loans at a fraction of a cost.
Related post from deb miller on CMS Wire: The Future of Banking: No Shoes, No Shirt, No Tellers.
3) Taxi Drivers and Chauffeurs
89% Probability of Automation
Median Annual Wage: $24,300.
The widespread popularity of Uber, Lyft and other ride-hailing apps officially destroyed the yellow cab taxi business,but even Uber and Lyft drivers may suffer the same fate once autonomous cars arrive.
Infact Uber is already testing out it’s self-driving program. Both Uber and Lyft have mentioned a future for their services that does not include humans.Once the driver is removed, the only thing to worry about remains is the cost of fuel, which may vastly reduce the cost of a taxi.
4) Insurance Underwriters
99% probability of Automation
Medium Annual Wage: $67,680
You might have heard about the Japanese insurance company Fukoku Mutual Life Insurance replacing it’s staff with artificial intelligence recently.
Here in the US, peer-to-peer insurance company Lemonade has also tested it AI capabilities. They have an AI named Jim which handles claims for the companys policyholders. In December 2016, Lemonade reported a claim-handling world record when a theft claim was settled in three seconds with no paperwork. Within seconds, AI Jim, Lemonade’s artificial intelligence bot, reviewed the claim, cross-referenced it with the policy, ran 18 anti-fraud algorithms on it, approved it and sent wiring instructions to the bank, informing the policyholder the claim was paid at replacement cost and closed.
You would have been rightfully worried about the future unemployment of the knocker-uppers, candle makers, and milk man of your day. But millions of new and unique employment opportunities opened up, as living conditions improved. The late 19th century was not the end of history, nor is today. Innovation has always led to greater productivity and to avoid the Luddite mistake, we must think about automation with a healthy dose of optimism and broad-mindedness.
If you want to check the probability of an AI taking over a specific job in near future. Check out willrobotstakemyjob.