ChatGPT – Opportunity or Threat?

Nish Kotecha, Chairman & Co-Founder of Finboot
May 12, 2023

“ChatGPT is a text generating Artificial Intelligence (AI) chatbot. It can search, analyse and present its response in any style or language of your choice. It is the first signs we have of a technology co-pilot to support us in our daily lives,” writes Nish Kotecha, Chair & Co-Founder, Finboot.  

AI is truly a huge opportunity and human society altering technology. As those that have tried have found, it is very addictive and rapidly becomes a life “co-pilot.” 

AI could address skills and labour shortages.  

For example, a front-line worker who is not digitally savvy can now benefit from all the resources available on the internet, real-time, to support their decision making. This will greatly improve productivity and improve earning potential.  

There is currently a worldwide shortage of software engineers. The answer is No-code and Low-code platforms. Low-code reduces programming efforts to a minimum, while no-code empowers anyone to create apps without any programming knowledge. The key driver for their growth is the ever-growing demand for digital solutions and the shortage of skilled developers to produce them. Combining generative AI with such platforms, can help us create digital applications for routine tasks quickly and efficiently and create a new paradigm for software development. 

However, as well as the opportunities, it is important to agree as a human race, what the limits and threats are.   

An open letter, from The Future of Life Institute, signed by Musk, Wozniak and around 30,000 others in Silicon Valley, warned “AI systems with human-competitive intelligence can pose profound risks to society and humanity,” it says. “Should we develop non-human minds that might eventually outnumber, outsmart, obsolete [sic] and replace us?” Many are concerned that we are unleashing a technology on the world that will impact every area of humanity including health, education, politics and even programming new code.

According to Goldman Sachs, Generative AI is set to affect 300 million jobs across major economies but at the same time technology could boost global GDP by seven per cent.  It is estimated that about two-thirds of jobs in the US and Europe are ‘at risk’ to some degree of AI automation. 

We need to agree AI’s limits and where the AI off button is and when to use it…


To read the full version of this article, first published Companies Digest, on 2 May 2023, please see: