Interesting stories on CNBC a few days ago about some projections being made about AI and the speed at which it will take hold, and the types of jobs that it will likely replace. A challenging series of projections that can fundamentally change the approach of businesses and possibly the entire job market.
Jim Cramer said that between 10% to 60% of lower-level white collar jobs could be replaced with AI technology in the next 1 to 5 years, and that many companies have already been embracing the process to move this forward. He also pointed out that with AI already being used so extensively by college students in doing their “studies”, how many of them are gaining any actual experience or education other than the ability to jump on a computer and have AI do the work?
I say this because we have already seen in our industry the loss of so many entry-level jobs, or those people who work in those repetitive tasks in mortgage and real estate, using technology to replace their own coworkers. How many of us are using a number of systems that replace the work of assistants? How many LOAs are gone? How many processors, underwriters, and other support people have been eliminated as technology now empowers those remaining to handle more files with fewer people? Even the once-sacred underwriter position has fallen victim to reductions as automated systems are taking on more and more of the workload from actual people, and one person can manage one computer doing the work of many.
If you are not providing the personal part of the process, you are likely going to be replaced by automation. If you keep yourself personally connected with the client in the process, you are likely going to manage the automation! Companies will continue to automate and replace people until they hit the point where the PERSON managing the process is not replaceable! You need to understand your business and how you keep YOU connected to the process, because as many have already found out, if you don’t, you will be the one replaced! No personal connection in the process makes it easy to be replaced! Don’t make it easy!
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