Artificial Intelligence (AI) as a field shows no signs of abating. In a latest development, Swiss financial services giant UBS Group AG in collaboration with Amazon is set to use the latter’s Alexa solutions in the field of wealth management. The financial services industry as it is has moved on from its earlier avatar as an active management tool to passive management, will now take a further step into the background with smart machines doing a lot of the work, just as in Blackrock. Further, business consulting which is a US$ sixty billion worth industry is set to face massive repercussions. More complex decisions such as capital allocation, budgeting, marketing, human resources and even the highly human intensive corporate strategy will increasingly be performed by AI much to the chagrin of McKinsey, BCG, Bain and others. Huge amounts of data can be processed by smart computers much quicker than humans can ever do. In addition, in spite of the best of efforts, some biases inadvertently creep into human decisions, something that is not possible with robots. That is why Alexa, Google Home or Siri can only rise in stature to continue on from their present status as Quant Consultants or Robo-Advisers.Source:https://hbr.org/2017/07/ai-may-soon-replace-even-the-most-elite-consultants?utm_campaign=hbr&utm_source=twitter&utm_medium=social

Uploaded Date:21 October 2017