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With Remote Employees Now Reluctantly Returning to Work, Is Your Position at Risk of Being Replaced By AI? – ReadWrite

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Deanna Ritchie


The COVID-19 pandemic unquestionably shaped the way Americans performed their work duties, with nearly half of all employees (44%) shifting to remote work during the shelter-in-place mandate. Not only did this change the way these workers handled their responsibilities, but it also caused many employers to re-evaluate the necessity of requiring these staff to check in at their office in the first place.

For many, the ability to work from home became an unexpected advantage of their employment, slowly evolving from a welcome change to their new normal. Now, however, with many cities starting to re-open, employers — who had once been content to let their staff remain in their home offices — are demanding their remote employees once more resume their workload within a brick-and-mortar facility.

If that weren’t complicated enough, there’s another factor that many of these employees hadn’t considered: some of them might not even have jobs to return to when their workplace reopens. With artificial intelligence (AI) stepping into the roles that were vacated by these distant workers, more and more people are finding that instead of getting a welcome back letter, they’re instead going to find a little pink slip in their inbox.

Fearmongering, Or a Valid Threat?

The concept of artificial intelligence and robots becoming viable members of the employment workforce seems almost like something out of science fiction. These are the myths perpetuated by a P.K. Dick novel, or something that Isaac Asimov might write about. Plus, robots only work in factories, assembling cars or other machinery, or taking our orders at the drive-through. Right? Could they really be coming for us, the average white or blue-collar Joe?

Without a doubt, the answer is a resounding yes. The fact is, artificial intelligence doesn’t discriminate. It doesn’t care that you answer phones for a living, or you file reports every afternoon, or that you like your lattes with sugar-free vanilla syrup and soy milk. To them, and to the people who are preparing these robots to enter the labor pool, you’re just another faceless entity that will gradually be replaced by AI automation. This isn’t science fiction; it’s science fact.

Entry Level to Skilled Labor: Is Any Job Safe?

When people express fears concerning artificial intelligence, those anxieties are generally grounded in the intangible, such as the concept of the machines rising up and taking over humanity. It’s the dramatic overthrow that has most of us worried, not the steadily encroaching creep of robots quietly replacing us. As it turns out, their usurpation is proving to be quite a bit more subtle and significantly more insidious.

Already kiosks are popping up across the globe in fast-food restaurants and supermarkets, one by one replacing the entry-level workforce. Yet, many people scoff at the idea of skilled labor becoming redundant. A robot can’t create art, or write a novel, or perform surgery… or can it? 

Indeed, no job is truly safe anymore. These days, a robot can arguably do anything that a human can, and possibly even better. Even the so-called “human element” is being injected into their work, making it virtually indistinguishable from the authentic, real-deal stuff. Common jobs already being replaced by AI include everything from healthcare roles to the creative arts, meaning that before too long, humans may actually become the obsolete technology.

Which Industries are Most Threatened By AI?

While it’s understandable to feel overwhelmed by this emerging threat of AI taking over our jobs, some industries are still at greater risk than others. Sure, a robot can write a book or compose an aria, but for now, we still have a marked preference for work created by flesh-and-bones human beings. Yes, there’s a certain novelty to watching a robot shimmy and belt out tunes to us, but we’re still going to swoon for our favorite human rock bands on stage.

That said, certain industries are at greater risk than others. For instance, telemarketing has swiftly gone the way of robocalls. Fortunately, hanging up on a bot is vastly easier than hanging up on a persistent person trying to sell us an extended warranty on our car insurance. Receptionists are also possibly going to be replaced in the near, as AI scheduling is less prone to errors and far more accurate. Say goodbye to the bored front desk employee, as their days are soon numbered.

Other jobs that may be replaced by AI include couriers and tech support. Already, many companies are turning to drones to deliver packages, and self-driving cars are already growing in numbers on our country’s highways. As for tech support, nobody likes to wait on hold, only to be told by a bored guy on the other side of the globe to ask if they’ve tried turning it off and on again. Both of these industries are sure to be expendable in the coming years.

Even managerial and HR positions aren’t safe, either. Studies have shown that even though human resources and hiring managers are typically necessary for most office workplaces, artificial intelligence is already carving out its role in this industry. Instead of offering a wage based on a potential employee’s skills, AI is guiding the compensation packages based upon complex algorithms. Even the humble employment background check — a must for all workplaces — is becoming optimized by AI.

Is It Really All Gloom and Doom, Though?

There’s one glaring caveat to this burgeoning threat that requires weighty consideration, though, and it’s one that simply cannot be overlooked. Ultimately, using AI is fraught with risks and currently cannot be left on its own, unattended. As it stands, it still requires human supervision, as it’s highly prone to errors and can veer off into the, well, surreal and even downright offensive if left unchecked. 

For instance, one company decided to let AI design phone cases for them. In a relatively short amount of time, it went from generating cute puppies and kittens to creating phone cases with macabre medical imagery emblazoned upon them. In a less humorous example, a Microsoft AI chatbot was released into the Twitterverse to engage with other users. In less than 24 hours, the once-innocent bot was taught hateful ideology, sexism, and racism.

AI isn’t perfect or without flaws, and we’re still far too early in this technology to make a final call as to whether or not it is going to replace us. While a racist chatbot is certainly an issue in itself, it pales in comparison to a robot making a grave mistake during a surgery or a self-driving car navigating its passengers off a cliff. Yet we can’t forget that artificial intelligence has been an incredible gift to humanity, allowing us to develop vaccines at an unprecedented rate and restore vision in the blind.

In a way, our relationship with artificial intelligence is almost symbiotic. We’ve grown dependent upon it, but it can’t operate successfully without our guidance. By recognizing this intricate relationship, we can better harness AI’s power and mold it to our demands. And at the same time, we can also identify our own fallibility in the evident imperfections hidden inside of artificial intelligence’s potential. In turn, we can help ensure we continue to thrive together, both now and in our tentatively optimistic future.

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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