Unless you’ve been living under a rock, you would have heard of ChatGPT, a generative AI that has taken the internet by storm.
It’s so “smart” that many fear it will replace our jobs (with writers being the first to go), and eventually take over the world…
The apocalyptic AI end is nigh! *Cue Terminator music*
Heck, it can even write better than most Singaporeans with perfect grammar and spelling!
Does ChatGPT really pose a threat to human jobs? More specifically, can it take over the job of a Seedly Content Strategist, aka writer?
Let’s find out!
Can ChatGPT Replace Our Jobs?
To put things into context, I’ve been toying with ChatGPT for a few days now and roughly know how to prompt the AI well enough to get an in-depth response.
Since the developers of ChatGPT did say that the bot has limited knowledge of the world and events after 2021, I decided to play fair and let the bot do up articles with information that doesn’t change frequently.
Can ChatGPT Write About Investing?
First up, I decided to test Mr. ChatGPT’s accuracy when it came to investing. Throughout my random tests, I was pretty impressed that the bot could give some general localised content and it almost always recommends investors to “do their own due diligence” or “consult a financial advisor”.
Good job ChatGPT!
But can ChatGPT really write an investment article with all the nitty gritty?
Q: What’s the best broker to go for in Singapore if I have S$10,000 to dollar cost average into the SPDR S&P 500 ETF for 12 months considering all fees such as currency conversion? Can you also generate a table to show me how much the fees will cost?
There are a few options to consider when choosing a broker in Singapore to invest in the SPDR S&P 500 ETF. Here are a few popular options with their corresponding fees:
Broker Currency Conversion Fee Commission Total Cost Interactive Brokers 0.08% 0.08% 0.16% Fidelity 0.25% 0.25% 0.50% Charles Schwab 0.28% 0.28% 0.56% Note that these fees are based on the information available at the time of my knowledge cut off and may change in the future. Additionally, you may want to consider other factors such as the user-interface of the platform, research and educational resources, and customer support when choosing a broker.
Based on the above table, Interactive Brokers is the cheapest option with 0.16% in total cost, and Charles Schwab is the most expensive option with 0.56% in total cost. you may want to compare them and consider what suits you best,
If you’re not familiar with online brokerages in Singapore, this might seem pretty legit. I mean, it even managed to generate a table for me!
But let’s start to inspect the content, starting with the Interactive Brokers (IBKR) currency conversion fee.
According to the IBKR website for a trade value of S$833 per month, the currency conversion fee would be 0.002% or 0.2 basis points. There is also a minimum of USD 2 per order. We can see that their values are fairly off the mark.
As you go down the table that ChatGPT generated, you would also have noticed Charles Schwab being recommended…
The problem is, Charles Schwab has been closed since 2019! What the heck ChatGPT!
And to add on, where are the truly popular online brokers such as Moomoo and Tiger Brokers?
AND lastly, what about the FX spreads?
Okay, maybe ChatGPT couldn’t perform well in this scenario, so how about something more conceptual and less technical? Something like CPF shielding?
Q: Write an article about the CPF Shielding Hack
The CPF Shielding Hack is a recent cyber attack that targeted the Central Provident Fund (CPF), a government-run savings scheme in Singapore. The hack, which was discovered on November 20, 2020, resulted in the personal information of over 20,000 CPF members being compromised…
U wot m8? I had to stop generating the response.
Ok, time to regenerate a response with a different query.
Q: Write an article about Central Provident Fund Special Account Shielding and how to do it
Central Provident Fund (CPF) Special Account Shielding is a technique used to protect a portion of your CPF savings from being used to pay for healthcare expenses. This can be useful for those who want to ensure that they have enough savings to last them through their retirement years.
To shield your CPF Special Account, you will first need to ensure that you have at least $60,000 in your Special Account. You can then apply for shielding by filling out the “Application for CPF Special Account Shielding” form and submitting it to the CPF Board.
Once your application is approved, a portion of your Special Account savings will be transferred to a Special Account Shielding Account. This shielded amount will not be used to pay for your healthcare expenses, and will instead be available for you to withdraw as cash or use for investment purposes after you reach the age of 55.
It is important to note that there are limits to the amount of your Special Account savings that can be shielded. For those aged 55 to 60, the limit is $60,000, while for those aged 61 to 65, the limit is $30,000. Additionally, you can only shield your Special Account savings once, so it is important to carefully consider the amount that you wish to shield before applying.
To check your eligibility to shield your Special Account and to download the application form, you can visit the CPF Board website.
In summary, CPF Special Account Shielding is a technique that allows you to protect a portion of your CPF savings from being used to pay for healthcare expenses. Eligible members can apply for shielding by filling out the “Application for CPF Special Account Shielding” form and submitting it to the CPF Board. It is important to note that there are limits to the amount of your Special Account savings that can be shielded and you can only shield your Special Account savings once.
What in the world is the bot saying?!
If you’re interested, here’s what CPF SA Shielding is REALLY about:
Clearly, ChatGPT can’t replace us personal finance writers just yet!
Can ChatGPT Replace Writing Jobs?
The first thing I noticed about ChatGPT’s responses is that it completely lacks a voice.
The responses sounded monotonous and unsurprisingly robotic!
Sure, ChatGPT has already become a headache for teachers all over the world as students started using the bot to cheat on their written papers. But then again, academic papers are usually just an information dump.
When it comes to writing jobs, I highly doubt that the bot can replace a human, unless you’re just using the bot for SEO purposes, generating customer service replies, or bland ad copies.
Then again, if you’re using the bot for the above purposes, you’re really defeating the purpose, which is to engage the audience! For example, Google’s SEO engine has already started ranking sites based on how engaging they are. Thus, a chatbot’s copy will definitely NOT retain your audience and give you a good ranking if you’re in a competitive SEO space.
On a side note, ChatGPT can’t insert those awesome GIFs at the start of most Seedly articles 😉
Afterthoughts
ChatGPT is definitely an intriguing software that has shaken things up in the digital era. And while it does pose a bit of a threat to writing jobs, I’d say it is still far from it.
The bot needs to be much more accurate and up-to-date to even compete.
Even if it were as accurate and up-to-date as a human writer, there is one thing that robots can never do, and that is to write with relatability and emotion.
At its current state, the bot can do up Wikipedia pages at best and can be a helpful tool if you need some ideas on a topic you are slightly unfamiliar with (but not completely as shown in our example of CPF shielding).
On a broader scale, technology has been advancing so fast that it has already made plenty of jobs obsolete. Thus, it is important for us to adapt alongside technology and continually upgrade ourselves.
Remember, AI can only replicate what we humans can do with information that is already available. What sets us apart is our emotions, creativity, and ability to relate to one another.
