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Jobs projected to grow the most in the next decade

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COVID-19 restrictions changed almost all forms of work. Stacker compiled a list of jobs expected to grow the most over the next 10 years.
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With the pace of work speeding up, and demands on workers and companies ever-changing, it’s no secret the jobs of the future will be quite different from today’s jobs, much less the jobs of the past. Although technology has been a significant factor in changing many workplaces in the United States, the tech industry is slated to grow slower than some other key industries.

Stacker compiled a list of 30 jobs expected to grow the most by 2031, using Bureau of Labor Statistics Employment Projections data current as of Sept. 8, 2022. Jobs are ranked by the percentage difference between actual 2021 employment figures and projected employment figures for 2031. Ties are broken by a field’s number of overall projected jobs in 2031.

The health care sector is expected to experience a boom in the next decade. In fact, the top three fastest-growing industries—specialty hospitals, home health care services, and health care practitioner offices—all fall under its umbrella. Other industries that made the top 10 for the next decade include power communication line construction, electronic shopping, and financial investment.

It’s also worth noting that many of the jobs on this list virtually disappeared during the pandemic—jobs like ushers, lobby attendants, and ticket takers—so their expected growth may be due less to new opportunities by 2031 than the fact that there were so few of those jobs in 2021.

By 2030, experts also predict job seekers will need a whole new host of skills to impress their potential employers. Future skills include digital literacy, emotional and social intelligence, computational thinking, and cognitive flexibility. Taken together, these traits could signal both that top job applicants must be willing to adapt to a rapidly changing environment and that human value—like a warm bedside manner—can’t simply be replaced by automation.

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Two roustabouts checking an oil pump.

Said M // Shutterstock

#30. Roustabouts, oil and gas

– 2021-2031 projected employment change: +8,600 (23.0% change)
– 2021 employment: 37,300
– Projected 2031 employment: 45,900
– Projected annual job openings: 5,600

While the barrier to entry is very low, being a roustabout—a laborer without specific technical skills—requires a good deal of physical stamina. However, suppose you can withstand the physicality and long hours. In that case, you can have an exciting career dismantling machinery and doing other physical work on oil and gas drilling, refining, and distribution sites.

Senior Airman Greg Nash // U.S. Air Force

#29. Entertainment attendants and related workers, all other

– 2021-2031 projected employment change: +1,100 (23.2% change)
– 2021 employment: 4,700
– Projected 2031 employment: 5,800
– Projected annual job openings: 1,500

Whether working with crowds at amusement parks or maintaining a bowling alley, entertainment attendants can enter the industry with no advanced degree and minimal experience. If you are a friendly person with the ability to handle large groups of people, you can enter this industry easily.

A worker cleaning an amusement park ride.

Semiglass // Shutterstock

#28. Operations research analysts

– 2021-2031 projected employment change: +24,200 (23.2% change)
– 2021 employment: 104,200
– Projected 2031 employment: 128,300
– Projected annual job openings: 10,300

Operations research analysts work with mathematical models and complex analytic methods to help companies produce top-notch solutions and solve problems. The demand for operations research analysts is already high in the biotech industry and is expected to increase: The job represents one of the six most in-demand biopharmaceutical careers. The median annual salary for an operations research analyst in the biopharma industry is $83,890.

Ness Kerton/AusAID // Flickr

#27. Health specialties teachers, postsecondary

– 2021-2031 projected employment change: +59,400 (24.1% change)
– 2021 employment: 246,700
– Projected 2031 employment: 306,100
– Projected annual job openings: 28,900

Postsecondary health specialties teachers instruct college-level courses on topics like dentistry, medicine, pharmacy, public health, and veterinary medicine. Employment of postsecondary teachers will rise as enrollment at postsecondary schools is projected to increase, though some postsecondary instructors are expected to be employed only part-time. The average annual salary for a postsecondary health specialty teacher is $122,320.

A classical ballerina performing in a theater.

Artur Didyk // Shutterstock

#26. Dancers

– 2021-2031 projected employment change: +1,500 (24.5% change)
– 2021 employment: 6,200
– Projected 2031 employment: 7,700
– Projected annual job openings: 1,300

When the COVID-19 pandemic began, many dancers had to look for creative ways to make money. For some, a change meant switching to administrative or consultation roles, while others were able to enjoy a less formal way of dance. Due to the proliferation of recording performances on video during the pandemic, the industry continues to grow an expected 27% from 2021 to 2031.

A hair dresser working in a salon.

Canva

#25. Personal care and service workers, all other

– 2021-2031 projected employment change: +26,000 (24.9% change)
– 2021 employment: 104,400
– Projected 2031 employment: 130,400
– Projected annual job openings: 22,600

The personal care industry is thriving now that the public is allowed back in salons and spas without restrictions. During the early days of the pandemic, salons saw an increase in sales after exploring technologies to book in-home visits and schedule storefront appointments. As a result of new service options and reviving demand, the personal care industry is slated to grow 14% between 2021 and 2031.

A home healthcare provider smiling at an elderly patient.

Canva

#24. Occupational therapy assistants

– 2021-2031 projected employment change: +11,000 (25.4% change)
– 2021 employment: 43,400
– Projected 2031 employment: 54,500
– Projected annual job openings: 8,700

The job outlook for occupational therapy assistants is very positive, and occupational therapy assistant jobs are expected to grow steadily for the foreseeable future. Those considering a career in occupational therapy can expect to work with people of all ages and have tremendous career flexibility, with opportunities to work with children, people with disabilities, students, or people with behavioral issues.

ALPA PROD // Shutterstock

#23. Home health and personal care aides

– 2021-2031 projected employment change: +924,000 (25.4% change)
– 2021 employment: 3,636,900
– Projected 2031 employment: 4,560,900
– Projected annual job openings: 711,700

There is a significant shortage of home health care workers because of the pandemic. But the industry requires minimal on-the-job training, so it’s an excellent opportunity for anyone looking to change their career.

An epidemiologist using medical sample tubes.

Canva

#22. Epidemiologists

– 2021-2031 projected employment change: +2,200 (25.8% change)
– 2021 employment: 8,600
– Projected 2031 employment: 10,900
– Projected annual job openings: 800

Epidemiologists are important workers during a pandemic because they study and determine the causes of a disease’s spread. Through online tech platforms, including websites where preliminary research can be quickly publicized, scientists can now communicate faster and share results across time zones.

A software developer working at a desktop computer.

Canva

#21. Software developers

– 2021-2031 projected employment change: +370,600 (26.0% change)
– 2021 employment: 1,425,900
– Projected 2031 employment: 1,796,500
– Projected annual job openings: 143,400

The pandemic increased software jobs and accessibility for those who want to learn how to program. This means there is a lot of job security in this field. Furthermore, with the increase in cyberattacks, software developers are in higher demand than ever to create security software.

Free stajler // Wikimedia Commons

#20. Physical therapist assistants

– 2021-2031 projected employment change: +25,600 (26.5% change)
– 2021 employment: 96,500
– Projected 2031 employment: 122,100
– Projected annual job openings: 17,900

Physical therapist assistants are expected to be in higher demand as the U.S. population ages, requiring more services. Different from a physical therapist aide, a physical therapist assistant can provide physical therapy under the supervision of a licensed physical therapist and often participates in administrative activities like billing or risk management. Usually, a physical therapist uses an assistant to help implement treatment by working side-by-side with the patient.

An animal trainer working with a dog.

PeopleImages.com – Yuri A // Shutterstock

#19. Animal trainers

– 2021-2031 projected employment change: +14,300 (27.1% change)
– 2021 employment: 52,900
– Projected 2031 employment: 67,200
– Projected annual job openings: 10,600

Support service animals help many people—even college students adjusting to campus life—but require a qualified animal trainer. With the proper training, service animals can help address Americans’ mental health needs. Trainers don’t need advanced degrees and can learn on the job or apprentice with an expert.

anatoliy_gleb // Shutterstock

#18. Solar photovoltaic installers

– 2021-2031 projected employment change: +4,600 (27.2% change)
– 2021 employment: 17,100
– Projected 2031 employment: 21,700
– Projected annual job openings: 2,500

Solar photovoltaic installers assemble, install, and repair solar panel systems, which convert sunlight to electricity. As solar panels become increasingly popular around the country, installers are expected to be in high demand. The average solar photovoltaic installer earns an annual salary of about $39,240 annually.

Steve Pivnick // U.S. Air Force

#17. Physician assistants

– 2021-2031 projected employment change: +38,400 (27.6% change)
– 2021 employment: 139,100
– Projected 2031 employment: 177,500
– Projected annual job openings: 12,700

Like other jobs in the health care sector, physician assistants will be increasingly needed as the U.S. population grows older and needs more medical attention. Unlike a medical assistant, a physician assistant can examine patients, offer a diagnosis, administer vaccinations, provide follow-up counseling, and prescribe medications. In some areas with a shortage of doctors, physician assistants can even serve as leading primary care providers.

A supply chain logistician looking at shipment containers while holding an iPad.

Monthira // Shutterstock

#16. Logisticians

– 2021-2031 projected employment change: +54,100 (27.7% change)
– 2021 employment: 195,000
– Projected 2031 employment: 249,100
– Projected annual job openings: 24,800

The recent supply chain issues made it clear that more companies need help from logisticians. Understanding the life cycle of a product—from acquisition to distribution—helps an organization manage its supply chain.

A doctor meeting with medical managers dressed in business clothes.

Drazen Zigic // Shutterstock

#15. Medical and health services managers

– 2021-2031 projected employment change: +136,200 (28.3% change)
– 2021 employment: 480,700
– Projected 2031 employment: 616,900
– Projected annual job openings: 56,600

One of the most noticeable changes to the health care system since the pandemic began has been a sharp increase in telemedicine. As a result, health care providers are now accessible through multiple tech platforms, requiring more managers to handle the workload. While this job requires an advanced degree, there is much room for growth and earning potential.

A taxi driver in their car.

New Africa // Shutterstock

#14. Taxi drivers

– 2021-2031 projected employment change: +36,600 (28.5% change)
– 2021 employment: 128,500
– Projected 2031 employment: 165,100
– Projected annual job openings: 19,400

As elderly and disabled people become more numerous, especially in rural areas, they will need help getting around. In urban areas, too, people are choosing to own fewer cars, drive less, and more frequently get taxis or lifts from ride-share services like Uber and Lyft.

A choreographer positioning a group of dancers.

Kirill Gorshkov // Shutterstock

#13. Choreographers

– 2021-2031 projected employment change: +1,900 (29.7% change)
– 2021 employment: 6,300
– Projected 2031 employment: 8,100
– Projected annual job openings: 1,400

The pandemic forced performers to get creative: One famous choreographer even designed a Zoom performance when restrictions prevented in-person events. But now that people are returning to theaters, choreographers are in demand more than ever. As a result, dancing teams are relearning how to coordinate and perform in front of crowds, and choreography is the foundation of a great production.

A caretaker walking a dog.

Canva

#12. Animal caretakers

– 2021-2031 projected employment change: +86,900 (29.9% change)
– 2021 employment: 290,700
– Projected 2031 employment: 377,600
– Projected annual job openings: 70,400

One in 5 households adopted a cat or dog at the beginning of the pandemic, and many of those animals didn’t stay with them long-term. If caretakers help people looking for pets have a better understanding of what they’ll need to provide for their new companions, that will reduce the number of animals coming back to shelters in search of a real forever home. No advanced degree is needed for this job, which is one of the reasons it is projected to grow a lot in the next 10 years.

A web developer with two laptops and a separate monitor.

Elle Aon // Shutterstock

#11. Web developers

– 2021-2031 projected employment change: +28,900 (30.3% change)
– 2021 employment: 95,300
– Projected 2031 employment: 124,100
– Projected annual job openings: 11,000

E-commerce is more popular than ever, making web developers invaluable for businesses. Additionally, the increase in devices drives developers to create interfaces that work with all types of mobile phones, tablets, and laptops—as well as all the different browser apps.

An umpire cleaning home base.

Canva

#10. Umpires, referees, and other sports officials

– 2021-2031 projected employment change: +4,200 (31.7% change)
– 2021 employment: 13,200
– Projected 2031 employment: 17,400
– Projected annual job openings: 3,600

Team sports are essential to child development, so outdoor games continued to gain popularity even during the pandemic. Depending on the type of sport and classification, umpires and referees need moderate on-the-job training. A year of training is usually necessary to become an umpire or referee, but there are many options for employment.

U.S. Department of Agriculture // Wikimedia Commons

#9. Statisticians

– 2021-2031 projected employment change: +11,200 (32.7% change)
– 2021 employment: 34,200
– Projected 2031 employment: 45,300
– Projected annual job openings: 3,900

While statistician careers are expected to grow steadily in the next decade as data becomes increasingly available and computing power grows stronger, statistician jobs grew a whopping 70% in the past decade. The number of undergraduates majoring in statistics is rising, but experts are concerned that that still might not meet demand.

FrameStockFootages // Shutterstock

#8. Information security analysts

– 2021-2031 projected employment change: +56,500 (34.7% change)
– 2021 employment: 163,000
– Projected 2031 employment: 219,500
– Projected annual job openings: 19,500

Information security analysts are responsible for preventing cyberattacks and security breaches and keeping software up to date. Today, the highest concentration of these analysts is in Washington D.C., followed by New York City and Minneapolis. The largest employers of information security analysts are computer systems design services, finance and insurance firms, and management companies.

An athlete swimming in a pool.

Canva

#7. Athletes and sports competitors

– 2021-2031 projected employment change: +5,700 (35.7% change)
– 2021 employment: 15,800
– Projected 2031 employment: 21,500
– Projected annual job openings: 2,900

Sports events were on pause for a long time during the early days of the pandemic, and they are still slow to return to pre-pandemic numbers. Competitors have to relearn team dynamics and adjust to new safety guidelines, but audiences are ready to embrace this form of entertainment once again.

A data scientist working on a laptop.

ViDI Studio // Shutterstock

#6. Data scientists

– 2021-2031 projected employment change: +40,500 (35.8% change)
– 2021 employment: 113,300
– Projected 2031 employment: 153,900
– Projected annual job openings: 13,500

Data science careers have a lot of income growth potential, which is one reason why so many newcomers flock to the industry. Individual contributors can earn a base salary of up to $200,000, and managers can reach $300,000 annually. But this job usually requires at least a bachelor’s degree in mathematics, statistics, or science and impeccable problem-solving skills.

Chef Ayabonga Gope // Wikimedia Commons

#5. Cooks, restaurant

– 2021-2031 projected employment change: +459,900 (36.6% change)
– 2021 employment: 1,255,600
– Projected 2031 employment: 1,715,600
– Projected annual job openings: 274,000

The growth rate for restaurant cook employment is largely attributable to casual dining and eateries rather than full-service restaurants. Dining trends indicate more people are looking to eat on the go, especially after the pandemic shifted dine-in customers to takeout, even at fancier restaurants. In California alone, the number of chefs and head cooks is expected to increase by 14.3% from 2016 to 2026. The median annual salary for cooks in the state is currently $47,848.

A motion picture projectionist at work.

ALPA PROD // Shutterstock

#4. Motion picture projectionists

– 2021-2031 projected employment change: +800 (40.3% change)
– 2021 employment: 2,000
– Projected 2031 employment: 2,800
– Projected annual job openings: 700

Moviegoers didn’t get a lot of chances to watch their favorites on the big screen during the pandemic. But now restrictions are less intense, and customers are lining up at cinemas. That means many more opportunities are available for motion picture projectionists. Luckily, a projectionist can learn on the job; no degree or certification is necessary.

Two lobby attendants and a bell.

Dmitry Kalinovsky // Shutterstock

#3. Ushers, lobby attendants, and ticket takers

– 2021-2031 projected employment change: +25,600 (40.5% change)
– 2021 employment: 63,200
– Projected 2031 employment: 88,800
– Projected annual job openings: 24,100

As entertainment activities resume, workers are needed to handle the influx of customers. In addition, new types of experiences are drawing more people from their homes. For example, a museum in China created a game that allows visitors to go back in time, and the buzz is resulting in lots of new patrons. Ticket holders and ushers get to witness these miracles with minimal on-the-job training and no prior experience.

Siemens AG // Wikimedia Commons

#2. Wind turbine service technicians

– 2021-2031 projected employment change: +4,900 (44.3% change)
– 2021 employment: 11,100
– Projected 2031 employment: 16,100
– Projected annual job openings: 1,900

Wind turbine service technicians install, inspect, maintain, and operate wind turbines. In 2016, the job was the fastest-growing of the decade, with employment projected to double by 2026. Job prospects are still very promising. Most wind turbine service technicians start their careers at a technical school or achieve an associate degree at a community college and earn an average annual salary of $52,260.

shopify Partners // Burst

#1. Nurse practitioners

– 2021-2031 projected employment change: +112,700 (45.7% change)
– 2021 employment: 246,700
– Projected 2031 employment: 359,400
– Projected annual job openings: 26,800

There is expected to be a high demand for all nurses as the baby boomer population continues to age and requires more medical care. Nurse practitioners are especially in demand for team-based models of care. While physicians’ offices employ the largest percentage of nurse practitioners, there is also a need at nursing homes, urgent care centers, home health organizations, and Veterans Affairs hospitals.

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How businesses can protect themselves from the rising threat of deepfakes

Dive into the world of deepfakes and explore the risks, strategies and insights to fortify your organization’s defences

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In Billy Joel’s latest video for the just-released song Turn the Lights Back On, it features him in several deepfakes, singing the tune as himself, but decades younger. The technology has advanced to the extent that it’s difficult to distinguish between that of a fake 30-year-old Joel, and the real 75-year-old today.

This is where tech is being used for good. But when it’s used with bad intent, it can spell disaster. In mid-February, a report showed a clerk at a Hong Kong multinational who was hoodwinked by a deepfake impersonating senior executives in a video, resulting in a $35 million theft.

Deepfake technology, a form of artificial intelligence (AI), is capable of creating highly realistic fake videos, images, or audio recordings. In just a few years, these digital manipulations have become so sophisticated that they can convincingly depict people saying or doing things that they never actually did. In little time, the tech will become readily available to the layperson, who’ll require few programming skills.

Legislators are taking note

In the US, the Federal Trade Commission proposed a ban on those who impersonate others using deepfakes — the greatest concern being how it can be used to fool consumers. The Feb. 16 ban further noted that an increasing number of complaints have been filed from “impersonation-based fraud.”

A Financial Post article outlined that Ontario’s information and privacy commissioner, Patricia Kosseim, says she feels “a sense of urgency” to act on artificial intelligence as the technology improves. “Malicious actors have found ways to synthetically mimic executive’s voices down to their exact tone and accent, duping employees into thinking their boss is asking them to transfer funds to a perpetrator’s account,” the report said. Ontario’s Trustworthy Artificial Intelligence Framework, for which she consults, aims to set guides on the public sector use of AI.

In a recent Microsoft blog, the company stated their plan is to work with the tech industry and government to foster a safer digital ecosystem and tackle the challenges posed by AI abuse collectively. The company also said it’s already taking preventative steps, such as “ongoing red team analysis, preemptive classifiers, the blocking of abusive prompts, automated testing, and rapid bans of users who abuse the system” as well as using watermarks and metadata.

That prevention will also include enhancing public understanding of the risks associated with deepfakes and how to distinguish between legitimate and manipulated content.

Cybercriminals are also using deepfakes to apply for remote jobs. The scam starts by posting fake job listings to collect information from the candidates, then uses deepfake video technology during remote interviews to steal data or unleash ransomware. More than 16,000 people reported that they were victims of this scam to the FBI in 2020. In the US, this kind of fraud has resulted in a loss of more than $3 billion USD. Where possible, they recommend job interviews should be in person to avoid these threats.

Catching fakes in the workplace

There are detector programs, but they’re not flawless. 

When engineers at the Canadian company Dessa first tested a deepfake detector that was built using Google’s synthetic videos, they found it failed more than 40% of the time. The Seattle Times noted that the problem in question was eventually fixed, and it comes down to the fact that “a detector is only as good as the data used to train it.” But, because the tech is advancing so rapidly, detection will require constant reinvention.

There are other detection services, often tracing blood flow in the face, or errant eye movements, but these might lose steam once the hackers figure out what sends up red flags.

“As deepfake technology becomes more widespread and accessible, it will become increasingly difficult to trust the authenticity of digital content,” noted Javed Khan, owner of Ontario-based marketing firm EMpression. He said a focus of the business is to monitor upcoming trends in tech and share the ideas in a simple way to entrepreneurs and small business owners.

To preempt deepfake problems in the workplace, he recommended regular training sessions for employees. A good starting point, he said, would be to test them on MIT’s eight ways the layperson can try to discern a deepfake on their own, ranging from unusual blinking, smooth skin, and lighting.

Businesses should proactively communicate through newsletters, social media posts, industry forums, and workshops, about the risks associated with deepfake manipulation, he told DX Journal, to “stay updated on emerging threats and best practices.”

To keep ahead of any possible attacks, he said companies should establish protocols for “responding swiftly” to potential deepfake attacks, including issuing public statements or corrective actions.

How can a deepfake attack impact business?

The potential to malign a company’s reputation with a single deepfake should not be underestimated.

“Deepfakes could be racist. It could be sexist. It doesn’t matter — by the time it gets known that it’s fake, the damage could be already done. And this is the problem,” said Alan Smithson, co-founder of Mississauga-based MetaVRse and investor at Your Director AI.

“Building a brand is hard, and then it can be destroyed in a second,” Smithson told DX Journal. “The technology is getting so good, so cheap, so fast, that the power of this is in everybody’s hands now.”

One of the possible solutions is for businesses to have a code word when communicating over video as a way to determine who’s real and who’s not. But Smithson cautioned that the word shouldn’t be shared around cell phones or computers because “we don’t know what devices are listening to us.”

He said governments and companies will need to employ blockchain or watermarks to identify fraudulent messages. “Otherwise, this is gonna get crazy,” he added, noting that Sora — the new AI text to video program — is “mind-blowingly good” and in another two years could be “indistinguishable from anything we create as humans.”

“Maybe the governments will step in and punish them harshly enough that it will just be so unreasonable to use these technologies for bad,” he continued. And yet, he lamented that many foreign actors in enemy countries would not be deterred by one country’s law. It’s one downside he said will always be a sticking point.

It would appear that for now, two defence mechanisms are the saving grace to the growing threat posed by deepfakes: legal and regulatory responses, and continuous vigilance and adaptation to mitigate risks. The question remains, however, whether safety will keep up with the speed of innovation.

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Small banks emerge as the top source for small business financing

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Findbusinesses4sale used the Fed's Small Business Credit Survey data to compare approval rates among small business financing options.
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When it comes to borrowing money, small businesses are most likely to apply at large banks. But they often find success with their counterparts in the finance world: small banks.

Small banks—or those with less than $10 billion in total assets—comprise most of the banks in the U.S., much like small businesses account for nearly all U.S. businesses. More than 80% of small businesses that applied for financing at small banks were at least partially approved in 2022, according to data from the Fed’s most recent survey of small business employers. However, only 30% of small businesses applied at small banks when they sought financing.

About 2 in 5 small business employers applied for some traditional financing in 2022. Most needed the money to meet operating expenses, while a little over half sought cash to expand their operations.

Findbusinesses4sale used the Fed’s Small Business Credit Survey data to compare approval rates among small business financing sources, taking a closer look at their differences. Approval rates are based on applications for loans, credit, and cash advances at the various institution types. The Fed report was released in March 2023 based on a 2022 survey of nearly 8,000 small businesses with employees.


A bar chart shows the share of small business applicants at least partially approved for loan requests, separated by the type of source applied to.

Findbusinesses4sale

Small banks surpass online lenders, finance companies in approval rates for small business applicants

Also known as community banks, small banks are well-equipped to lend to small businesses because of their intimate knowledge of local economies. Small businesses are often young, with short histories, small operations, little collateral, and unproven financial success. These factors can make it difficult for founders to qualify for credit and loans—they’re simply a riskier investment for a funder to take on.

Small banks’ decision-makers live within the same areas where they grant loans, and they have insight into how certain businesses could fare within their neighborhoods. That makes it easier for them to analyze the risk of lending to small businesses and, in turn, decide whether to approve their applications. At least 3 in 5 (61%) applicants considered to be a medium or high credit risk were approved for financing at small banks; at large banks, not even half (45%) of these riskier applicants were approved.

By operating across smaller locales, community bank operators also have the opportunity to forge stronger relationships with business founders. The Fed survey shows that about 2 in 3 small businesses that applied for financing with these banks did so because of an existing relationship. Many of these relationships were forged in the heat of the COVID-19 pandemic, when community banks came through for small businesses with relief funds, including more intensive support in understanding and completing complex applications.

Small firms applying to other sources, such as online lenders and finance companies, are most often motivated by making quick decisions and perceiving that they have a higher chance of being approved. That was the case five years ago, but approval rates for both sources lagged behind small banks in 2022. Indeed, approval rates at both have fallen significantly since 2019, while approvals at small banks have grown.

Both online lenders and finance companies still approve slightly higher shares of applicants with medium to high credit risks compared to small banks, but only by a few percentage points. At the same time, many more borrowers reported dissatisfaction and challenges working with these lenders, including high interest rates and unfavorable repayment terms.

On the other hand, the vast majority of borrowers from small banks were happy with their experience—much more than those who borrowed from any other type of lender.

Story editing by Ashleigh Graf. Copy editing by Paris Close. Photo selection by Ania Antecka.

This story originally appeared on Findbusinesses4sale and was produced and
distributed in partnership with Stacker Studio.

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The new reality of how VR can change how we work

It’s not just for gaming — from saving lives to training remote staff, here’s how virtual reality is changing the game for businesses

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Until a few weeks ago, you might have thought that “virtual reality” and its cousin “augmented reality” were fads that had come and gone. At the peak of the last frenzy around the technology, the company formerly known as Facebook changed its name to Meta in 2021, as a sign of how determined founder Mark Zuckerberg was to create a VR “metaverse,” complete with cartoon avatars (who for some reason had no legs — they’ve got legs now, but there are some restrictions on how they work).

Meta has since spent more than $36 billion on metaverse research and development, but so far has relatively little to show for it. Meta has sold about 20 million of its Quest VR headsets so far, but according to some reports, not many people are spending a lot of time in the metaverse. And a lack of legs for your avatar probably isn’t the main reason. No doubt many were wondering: What are we supposed to be doing in here?

The evolution of virtual reality

Things changed fairly dramatically in June, however, when Apple demoed its Vision Pro headset, and then in early February when they were finally available for sale. At $3,499 US, the device is definitely not for the average consumer, but using it has changed the way some think about virtual reality, or the “metaverse,” or whatever we choose to call it.

Some of the enhancements that Apple has come up with for the VR headset experience have convinced Vision Pro true believers that we are either at or close to the same kind of inflection point that we saw after the release of the original iPhone in 2007.Others, however, aren’t so sure we are there yet.

The metaverse sounds like a place where you bump into giant dinosaur avatars or play virtual tennis, but ‘spatial computing’ puts the focus on using a VR headset to enhance what users already do on their computers. Some users generate multiple virtual screens that hang in the air in front of them, allowing them to walk around their homes or offices and always have their virtual desktop in front of them.

VR fans are excited about the prospect of watching a movie on what looks like a 100-foot-wide TV screen hanging in the air in front of them, or playing a video game. But what about work-related uses of a headset like the Vision Pro? 

Innovating health care with VR technology

One of the most obvious applications is in medicine, where doctors are already using remote viewing software to perform checkups or even operations. At Cambridge University, game designers and cancer researchers have teamed up to make it easier to see cancer cells and distinguish between different kinds.

Heads-up displays and other similar kinds of technology are already in use in aerospace engineering and other fields, because they allow workers to see a wiring diagram or schematic while working to repair it. VR headsets could make such tasks even easier, by making those diagrams or schematics even larger, and superimposing them on the real thing. The same kind of process could work for digital scans of a patient during an operation.

Using virtual reality, patients and doctors could also do remote consultations more easily, allowing patients to describe visually what is happening with them, and giving health professionals the ability to offer tips and direct recommendations in a visual way. 

This would not only help with providing care to people who live in remote areas, but could also help when there is a language barrier between doctor and patient. 

Impacting industry worldwide

One technology consulting firm writes that using a Vision Pro or other VR headset to streamline assembly and quality control in maintenance tasks. Overlaying diagrams, 3D models, and other digital information onto an object in real time could enable “more efficient and error-free assembly processes,” by providing visual cues, step-by-step guidance, and real-time feedback. 

In addition to these kinds of uses, virtual reality could also be used for remote onboarding for new staff in a variety of different roles, by allowing them to move around and practice training tasks in a virtual environment.

Some technology watchers believe that the retail industry could be transformed by virtual reality as well. Millions of consumers have become used to buying online, but some categories such as clothing and furniture have lagged, in part because it is difficult to tell what a piece of clothing might look like once you are wearing it, or what that chair will look like in your home. But VR promises the kind of immersive experience where that becomes possible.

While many consumers may see this technology only as an avenue for gaming and entertainment, it’s already being leveraged by businesses in manufacturing, health care and workforce development. Even in 2020, 91 per cent of businesses surveyed by TechRepublic either used or planned to adopt VR or AR technology — and as these technological advances continue, adoption is likely to keep ramping up.

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