From own experience with ChatGPT, I asked it some months ago to go through an EU regulation, and create a checklist/audit programme for IT Security. Work that would have taken me a couple of weeks, it took 'it' a few seconds. I had to go through the text to make sure it's clean and doesn't contain hallucinations. Total work effort 1-2 hours max.

This doesn't mean that the human is no longer required, but for certain tasks a company can save a lot of time/money.

So I don't know if they dream to drop a dept of 50 people and replace it with a single machine, but there are some tasks that cannot be outsourced to machines (e.g. decisions impacting the lives cannot be made by automation)

"the existence of automated decision-making, including profiling, referred to in Article 22(1) and (4) and, at least in those cases, meaningful information about the logic involved, as well as the significance and the envisaged consequences of such processing for the data subject."

So good luck 'convincing' the regulator that an LLM can replace mortgage-decisions makers (it is considered a significant activity in a person's life).