Believe it or not, there is a chance that your jobs may soon be replaced!
Looking at our past, what is different about today is the pace of evolution. What use to takes years to occur, will now take months. Studying the history of technology will show that technology are advancing at an exponential rate.
As an amateur futurist, I am always looking out for disruptive technology trends to predict the future and understand how it will potentially impact our system. There have been much talk about technology and artificial intelligence making our jobs obsolete.
But will that happen?
Robots will take over 30% of our jobs by 2025
According to one unpublished study, the coming wave of technological breakthroughs endangers up to 47% of total employment in the US.
Technological breakthroughs endanger up to 47% of total employment in the US
A study from Oxford University has suggested a list of jobs will likely get disrupted. So now let me zoom into 6 occupations judged most.
Cashiers are the most obvious example jobs facing disruption. The convenience it brings.
Self-scan check out kiosks are taking over many places. Look at supermarket (NTUC fair price) and a few McDonald’s restaurants.
It makes some sense, 1 employee can supervise more than 3 self-scan kiosks comparing to a typical cashier being tied to a 1 register. Looking at the trend, there is a good chance that more retailers/businesses will eventually start implementing self-scan check out.
According to Oxford University’s studies, there is a 97% chance that cashiers will get disrupted.
Most of today’s telemarketers are not human. In many cases, you may have experienced the automated telephone recording, prompting you to “press “1” “for English and no matter what you say, there will clearly but no response at all.
TIME Washington Bureau Chief Michael Scherer received a call from “Samantha West the robot telemarketer who denies she’s a robot” . Her goal was to ask a series of questions about health coverage—”Are you on Medicare?” etc.—and then transfer the potential customer to a real person, who could close the sale.
With technologies like “Samantha West the robot telemarketer who denies she’s a robot” , it only indicates that computers will be able to handle the phones largely by themselves.
According to Oxford University’s studies, there is a 99% chance that telemarketers will get disrupted.
Driverless cars are here! In 2010, Google unveiled its driver-less car technology as a way to improve safety and help humans reduce time spent on travelling to work.
In Singapore, researchers believe that it can improve road safety and lower transport cost. In the long term, self-driving taxis could be viable too.
Even the CEO of Uber claims that they will eventually replace the people who drives for them with cars that drives themselves. This technology will revolutionize the dependency of drivers.
According to Oxford University’s studies, there is a 98% chance that drivers will get disrupted.
4) Retail Salesperson
E-commerce is changing the way consumers purchase, especially among products without much difference among the competitors. With the advancement of technologies, retail have been shifting to the realm of systems, apps and robotics.
CEO of Fliptop said “If you’re selling a high-differentiation product and/or a high-price, low-volume product you have some job security, but if you’re selling a high-volume, low-differentiation product, you better start polishing your resume” and “These kind of product sales are all moving online.”
According to Oxford University’s studies, there is a 92% chance that retail salesperson will get disrupted.
5) Insurance Sales Agents
At least, that’s the opinion of Forbes contributor Russ Alan Prince, who recently suggested that advances in extremely sophisticated artificial intelligence are poised to eliminate the need for investment advisors, accountants and life insurance agents.
Prince visualizes a future with robo-life insurance agent involved that collects a “dramatically lower fee” than what is currently paid to agents. The savings, then, will be passed on to consumers.
In Singapore, MAS have already launch CompareFirst portal, to encourage consumers to direct purchase life insurance products (direct purchase insurance, term life insurance, whole life insurance and endowment policies.) with lower premiums.
The disruption will not happen quickly. As the saying goes “Life insurance is sold, not bought.”
According to Oxford University’s studies, there is a 92% chance that insurance sales agent will get disrupted.
6) Bank Tellers
Millennials are gradually shifting towards digital banking channels to carry out their banking activities, and they’re visiting their banks’ branches lesser than ever.
US based Bank of America have closed 1,400 branches, representing 20% of all it branches.
The closings were due to the consumer’s preference of mobile usage.
According to BI Intelligence survey:
- The bank branch will become obsolete. It will be some time before the final death rattle, but improving online channels, declining branch visits, and the rising cost per transaction at branches are collectively leading to branch closures.
- Consumers are increasingly opting for digital banking services provided by third-party tech firms. This is disrupting the relationships between banks and their customers, and banks are losing out on branding and cross-selling opportunities.
- The ATM will go the way of the phone booth. Relatively low operational costs compared to bank branches, paired with customers’ preference for in-network ATMs, makes the ATM an attractive substitute for bank tellers. But as cash and check transactions decline, the ATM will become nonessential, ultimately facing the same fate as the physical branch
- The smartphone will become the foundational banking channel. As the primary computing device, the smartphone has the potential to know much more about banks’ customers than human advisors do.
According to Oxford University’s studies, there is a 98% chance that bank tellers will get disrupted.
Take this as a picture of what our future might look like. Researchers have admit that these estimations are rough and likely to be incorrect. But what if they are correct?
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