Software starting to replace professionals

https://www.bloomberg.com/news/articles/2017-02-28/jpmorgan-marshals-an-army-of-developers-to-automate-high-finance

 

JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours

At JPMorgan Chase & Co., a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours.

The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of work each year by lawyers and loan officers. The software reviews documents in seconds, is less error-prone and never asks for vacation.

They're coming.

ltr

Yep.  There's going to be a huge wave of unemployment when companies move to automation for everything.  Even "professionals" who have a "career" and not just a job will find themselves out of work.  

Wasn't this expected by everyone already? Damn great news that they're starting with lawyers haha!

fiznadd - Wasn't this expected by everyone already? Damn great news that they're starting with lawyers haha!


Lawyers, accountants, financial analysts and planners, bankers, etc...  most will be replaced by machines.  Lawyers might still be safe, especially litigating ones but a lot of the legal assistants, paralegals, etc.. will be replaced by machines that can all the research and shit.  

This is why I'm open to a UBI ( universal basic income). We have automated a large portion of agriculture and manufacturing and service is next regardless if your a professional or fast food worker.  Not enough jobs for everyone is inevitable.  Although I'm open to any other suggestions. 

pendejopresident - 

This is why I'm open to a UBI ( universal basic income). We have automated a large portion of agriculture and manufacturing and service is next regardless if your a professional or fast food worker.  Not enough jobs for everyone is inevitable.  Although I'm open to any other suggestions. 



I agree.  Eventually society will be so automated that we will need a universal basic income.



The problem is going to be when massive corporations that used to have thousands of employees eventually end up with about 10 people but are still raking in as much money as before find out that they are going to have to pay a lot more taxes to cover that universal income.  



And yes, businesses exist within a society and rely on that society, so there is definitely an ethical obligation for them to either employ people or to subsidize the society they depend on for their multimillion dollar profits.  

ttt

Well look, I already told you! I deal with the goddamn customers so the engineers don't have to! I have people skills! I am good at dealing with people! Can't you understand that? What the hell is wrong with you people?

I'm literally in the process of training a computer to do my job

We're all fuct.

Ethical obligation? lol. We are heading for a nightmare world of high tech tyranny with no way out

I perform risk assessments on computers to take your job.

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A wise man once told me that in order to be gainfully employed throughout your lifetime. Find something niche that your good at and love to do. You'll never look at work as work ever again and if its niche enough the chances that you'll run across someone who is just as good or better then you is rare. I've followed this advice to a tee and honestly have never been more miserable in my life but what the hell. Now I'm great at doing something that only a few people in the population can do and none the wiser.

altleft -

Well look, I already told you! I deal with the goddamn customers so the engineers don't have to! I have people skills! I am good at dealing with people! Can't you understand that? What the hell is wrong with you people?

LOL!!

How will accounting be automated? There are lots of morals and judgement calls

We use AI in our call center to triage customer enquiries.

That's what they get for wanting 15/hr