technological advancements

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Topic: The effect of artificial intelligence on wealth management firm’s business
strategies and sustainability
Introduction
Since technology has been introduced into society, it has undoubtedly dominated many
industries and shifted the world as it once was. The technological environment is
constantly evolving and has altered the methods and routines of every sector in
business and human’s daily routines. It has become a significant factor in business and
financial industries. This period has been dubbed the “Fourth Industrial Revolution” and
due to its unprecedented and concurrent advances will change how one will work, live,
and essentially communicate once again (Skilton & Hovsepian, 2018). Due to its
ever-changing nature, firms must be prepared for technological advancements such as
artificial intelligence that could change their business cycle or strategies completely.
Artificial intelligence is described as the imitation of human intelligence processes by
machines, especially computer systems. Artificial Intelligence is made up of two types:
weak versus strong. Weak AI is mainly focused on solely single handed tasks and
testing or decoding codes and hypotheses (Wildhaber, 2018). Whereas, strong AI goes
beyond and can apply its intelligence to multiple problems while replicating a “human”
mind, consciousness, and decision making process (Wildhaber, 2018). Continuous
enhancements in weak AI have been introduced to society and the business
environment. Meanwhile, strong AI is utilized on a higher platform.
Predictions have foreseen that advancements in artificial intelligence will continue to
alter the work environments of numerous fields that were once seen as “untouchable”.
Wealth management firms are amongst these occupations deemed “irreplaceable” that
have become heavily influenced by AI and its constant advancements. In a report done
by the National Academies of Sciences, Engineering, and Medicine (NASEM) in 2017,
it was concluded that advancements in Artificial Intelligence are far from over and will
continue to improve and can even branch out and create entirely new capabilitie