Speaking at a conference hosted by Commonwealth Bank of Australia in Sydney on Tuesday, Sam Altman said he expected entry-level office jobs to disappear much faster after the launch of ChatGPT in 2022.

Instead, he said the reality has been different because many jobs still depend heavily on human interaction.

“I’m delighted to be wrong about this,” Altman said during a discussion with CBA chief executive Matt Comyn. “I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.”

Altman added that he now understands why the disruption has been slower than expected.

“I now think I understand more about why it hasn’t, and I’m obviously grateful but that is an area where my intuitions were just off,” he said.

The OpenAI boss explained that while AI tools can handle technical tasks, many people still prefer dealing with humans directly. He said he once experimented with using AI to reply to Slack and email messages but later returned to answering some personally.

“We really do care about people,” Altman said. “We really do care about our interactions with people.”

That experience, he said, changed how he thinks about the future of work and the role AI will play inside companies.

“I don’t think we’re going to have the kind of jobs apocalypse that some of the companies in our space advocate or talk about,” he said.

Even so, several large companies have already linked job cuts and restructuring to AI adoption. Firms including HSBC, Amazon, Standard Chartered and Commonwealth Bank of Australia have said automation and AI tools are changing staffing needs in some departments.

Matt Comyn said AI would likely lead to smaller teams in some parts of the economy, although workers may also progress faster as technology handles routine tasks.

CBA has been investing heavily in AI and staff training as banks prepare for wider adoption of the technology. According to the bank, it plans to spend about A$90 million on reskilling programmes while annual technology investment has reached A$2.4 billion.

Altman also said AI technology is advancing faster than many businesses and institutions can absorb. While AI tools have improved rapidly, he believes enterprise adoption is still at an early stage.

He said OpenAI had been “roughly right” about the pace of technological development but “pretty wrong” about the social and economic consequences.

The remarks come as OpenAI prepares for a possible stock market listing in the United States. Reuters reported last week that the company plans to confidentially file for an initial public offering in the coming weeks.

The report said OpenAI could seek a valuation of about $1 trillion and raise at least $60 billion, which would place it among the world’s most valuable technology companies.

This move is designed to leverage the recent $50 million USD funding round from December 2024 .

Financing overview and strategic rationale

The refinancing plan consists of upsizing by $20 million USD and refinancing $40 million USD of existing HSBC Innovation Banking/EIFO facilities. The total facility will increase from $40 million pre-financing to $60 million post-financing with only a portion of the previous amount drawn today. The company aims to build upon the momentum from the funding round in December 2024, reflecting strong growth.

Company position and future outlook

Keepit is positioned strongly with cash reserves projected to remain robust for years ahead. The company has experienced significant growth since the previous year. Keepit is expanding its market focus towards larger clients, having demonstrated relevance and value to this segment. The additional funds raised will be directed toward future-proofing the organization, supporting ongoing product development, innovation, and efforts to deepen market penetration.

Morten Felsvang, Keepit co-founder and chief executive officer, said:

“At Keepit, we are committed to driving innovation and ensuring the highest level of data protection for our clients. This strategic financial move not only strengthens our financial position but also enables us to continue our growth trajectory and expand our market presence. We are excited about the future and the opportunities that lie ahead.”

Also speaking, Frederik Schouboe, Keepit co-founder and chief visionary officer, said:

“Innovation and continuous improvement are driving us to reimagine the future of data resilience for our customers. With a strengthened financial foundation, we’re poised to create enduring, breakthrough solutions that will stand the test of time.”

“At HSBC Innovation Banking, we’re proud to be supporting Keepit, with the support and tools they need to fuel their growth and capitalise on their next opportunity. We are delighted to be marking this next milestone in our relationship with Keepit, and playing our part as the company continues its journey,” said Sebastian Penn, head of Nordics at HSBC Innovation Banking.

“EIFO is delighted to continue our long term partnership with Keepit. This strategic financial move aligns with our mission to support the growth and international expansion of Danish companies. We believe in Keepit’s vision and are excited to see their continued success,” said Kim Lundberg, director, Tech & Venture Lending at EIFO.

By overlooking the female economy opportunity, fintechs are leaving trillions on the table.

Accelerating the financial power of all women by working to champion the female economy and unlocking its full value has been the driving force of the Financial Alliance for Women.

In 2019, the Financial Alliance for Women identified the fintech sector as a significant business opportunity to address key issues in the financial inclusion of women globally, which the traditional sector has struggled with and instituted the Alliance Hackathon to develop scalable solutions that solve key female economy challenges.

This year’s edition, sponsored by Moniepoint Inc and HSBC, with the theme – Shaping Economies through Gender-Intelligent Fintech showcased cutting-edge solutions aimed at advancing financial inclusion and empowerment.

According to Inez Murray, CEO, Financial Alliance for Women,

“we make the business case for women’s economic advancement and help them drive profits, grow their programs through key platforms. We received a record number of entries to our annual Alliance Hackathon this year, with more than 200 fintechs from around the world applying to take part. After pouring over the applications, the field narrowed to 15 exceptional finalists selected to compete in the hack throughout early August, fine tuning their tech-based solutions to facilitate women’s financial inclusion.”

With a call to fintechs around the world to pitch creative and innovative tech-based solutions that expands women business owners’ access to finance; provides non-financial services that accelerate their business growth; supports women to invest and build wealth; and support women to mitigate and adapt to climate change, the shortlist of 15 fintechs that made the final include Penny, Pilou, Rusyve, DREX, QuickLegal, MICROWD, Halal Money Transfer (HMT), Finan Co., Ltd, Warmi, Kitspay Private Limited, HiSofi, Futa, Famunera Limited, and 6C’S Skill’s Exchange.

The shortlisted fintechs received one-on-one mentoring from a highly experienced mentor cohort featuring leaders like Moniepoint’s VP, Corporate Affairs, Edidiong Uwemakpan.

They also took part in peer learning clinics focused on building a successful women-centered strategy, and got the chance to pitch in front of a panel of high-impact executives from global financial services institutions.

Creating a solution that helps develop mass market women’s investment capabilities, Pilou, a by-women, for-women platform offering women in Latin America personalized financial education and investment tools alongside low-cost, diversified investment portfolios managed in a transparent manner has emerged first place winner as the Female Economy FinTech of the Year in the 2024 Alliance Hack.

DREX, a renewable energy financing platform dedicated to funding small to medium-sized renewable energy projects and link women-owned businesses in Ecuador in with women-owned solar farms that could cover 100% of their energy requirements took second place as Female Economy Silver Fintech Award winner and Futa, which supports small businesses in Francophone Africa by using payroll data to provide their employees with fast and fair access to financing received the Female Economy Bronze Fintech Award as third place winner.

Tosin Eniolorunda, CEO, Moniepoint Inc, acknowledged that women’s financial inclusion is not just a matter of equality – it’s a powerful catalyst for economic growth and societal progress.

“At Moniepoint, we’re committed to playing our part in unlocking the full potential of the Female Economy. This is why we chose to sponsor the Alliance Hackathon. We believe that by fostering innovation in fintech, we can accelerate the development of solutions that address the unique financial needs and challenges faced by women around the world. From expanding access to finance for women entrepreneurs to providing tools for wealth building and climate action, the challenges tackled in this hackathon align perfectly with our vision for a more inclusive future where societies can experience financial happiness and their dreams are powered,” Eniolorunda said.

Furthermore, Eniolorunda, who also served as a judge on the Hackathon said,

“To the winners, you’ve shown us that with the right tools and support, we can make significant strides in bridging the gender gap in financial services and making a real difference to improve women’s lives across the globe. Moniepoint remains committed to supporting this journey, and we look forward to seeing the impact these solutions will have in the years to come.”

Recognizing the contributions of the sponsors, Moniepoint Inc and HSBC,  Financial Alliance for Women noted that “today, five years later, we are proud of the great impact we are creating. Not only are we raising awareness within the fintech ecosystem, but we are also witnessing fintechs becoming increasingly gender-intelligent. We would like to thank you for your high-level engagement and commitment to the Alliance Hack. Without your contributions, the hackathon wouldn’t be possible.”