AI could automate up to 70% of work

Ever since ChatGPT burst onto the scene in November 2022, much of the conversation surrounding generative AI’s impact has centred on job losses and whether automation could end up leaving humans redundant in various sectors. 

In fact, many have publicly speculated as much with the “godfather of AI”, Dr Geoffrey Hinton warning that the “scary” chatbots he helped create during his tenure at Google could become more intelligent than humans. 

The UK government’s outgoing chief scientific advisor, Sir Patrick Vallance, warned that generative AI will have “a big impact on jobs”. Vallance also likened it to this generation’s Industrial Revolution. 

In Europe, legislation drafted by the European Commission will potentially provide a framework for AI so the potential risk of automation is minimised and the way in which generative AI operates is safe, transparent, traceable and non-discriminatory. 

Identifying the opportunities

However, according to a new report by McKinsey, generative AI has the potential to automate between 60% to 70% of the work that most of us engage in every day, particularly with regard to the work done by those working within sales and marketing, customer service, software engineering, and research and development.

But is this a bad thing? Not according to the bottom line—the report also estimates that utilising generative AI to speed up processes will result in an additional $4.4 trillion annually to the global economy. 

Then there’s generative AI’s ability to accelerate our capabilities and augment rather than detract from our input within the workplace. 

This is something fintech Cleo has implemented across its workforce. Founder and CEO Barney Hussey-Yeo believes that as Cleo is productising AI—its AI powered chatbot aims to help users improve their financial health via personalised insights—it’s essential that his entire team applies the latest AI developments in their everyday work. 

“We see AI tools like ChatGPT Plus as a co-worker, collaborating with our team members to enhance their capabilities and productivity by automating routine tasks, freeing up their time to focus on higher-value work, writing copy and code, and summarising long-form content like dialogue and raw data,” says Annie Jackson, head of talent at Cleo. 

“We believe that AI technology can augment human potential, leading to a more efficient, effective and creative workforce.”

To date, 90% of Cleo employees credit AI with helping them increase productivity. Additionally, 70% use ChatGPT daily to help them complete tasks.

“As an AI-first fintech, our employees understand the value and potential of AI in driving innovation and delivering for our users,” Jackson adds.

“They also recognise that by immersing themselves in the latest AI developments, they can stay ahead of the curve and contribute to helping us achieve our mission.”

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