The very mention of artificial intelligence (AI) and the brain brings to mind images of Terminator-style robots wreaking havoc on the planet. Thankfully, things are looking up. So, let’s look at how AI is saving the world and, at long last, helping people. In this blog about AI’s practical applications, I’ll explain how AI is changing industries like business and finance.
Read this blog post on artificial intelligence if you want to learn more about the topic.
What Can We Do With AI?
- AI In Marketing
- AI In Banking
- AI In Finance
- AI In Agriculture
- AI In HealthCare
Uses for AI in Marketing
Sugarcoating your items through marketing is a surefire technique to increase sales. We humans are pros at putting a positive spin on things, but what if an algorithm or bot was programmed to do nothing but promote a product or service? That’s a fairly cool use case for it to fill!
Trying to find a certain item in an online store in the early 2000s was a nightmare if we didn’t know the exact name of what we were looking for. Today, however, when we look for a product on any online retailer, we are presented with every result that even remotely relates to the one we were seeking. I mean, it’s like these search engines can read our minds! A complete list of pertinent items is provided in a matter of seconds. A good example of this is browsing Netflix for the proper films.
The fact that Netflix offers highly accurate prediction technology based on user reactions to films is a big reason why the service has become so popular. Your viewing habits and preferences are tracked and compared to data from millions of other users to generate a list of series and movies you might enjoy. The more the dataset, the smarter the system will get.
As AI develops, people may soon be able to purchase goods online simply by taking a picture of the item they want to buy. This is already being tried out by companies like CamFind and their rivals.
Uses for AI in Banking
It turns out that the use of AI in banking is expanding far more rapidly than anyone anticipated. Many financial institutions have already begun using AI-based solutions for customer service and fraud prevention, especially in the areas of credit card and unusual activity detection. HDFC Bank is one such institution.
HDFC Bank has partnered with Senseforth AI Research in Bengaluru to create a chatbot called EVA (Electronic Virtual Assistant) that uses artificial intelligence.
Since its inception, Eva has responded to more than 3 million customer questions, communicated with more than 500 thousand users, and had more than a million total discussions. Eva can sift through information from tens of thousands of sources to return concise solutions in under forty-five hundredths of a second.
It’s not a new thought to employ AI in the fight against fraud. Security in several industries, including retail and banking, can be improved with the use of artificial intelligence systems.
By tracking card transactions and access points, security personnel are better able to foil fraudulent transactions. Companies use AI to track these processes by studying the habits of financial dealings.
For quite some time, businesses like MasterCard and RBS WorldPay have relied on AI and Deep Learning to identify suspicious activity and prevent card fraud. Due to this, millions of dollars have been spared.
Uses for AI in Finance
Companies have been increasingly reliant on computers and data scientists to forecast market trends. Being able to precisely foresee future events is crucial in trading.
Computers excel at this because they can quickly process vast amounts of data. It is also possible for machines to learn to recognise patterns in historical data and make predictions about how those patterns will recur in the future.
As ultra-high-frequency trading becomes the norm, financial institutions are increasingly looking to artificial intelligence to help them make more money off of stock trades.
Nomura Securities, the largest brokerage firm in Japan, is one example. The organisation has been doggedly working towards one goal: using computers to examine the knowledge of professional stock traders. Nomura is finally releasing a whole new stock trading system after years of development.
The new system compiles and saves an abundance of data on prices and transactions in its database. It will use this data to draw conclusions; for instance, it might conclude that the current market conditions are comparable to the conditions two weeks ago, allowing it to forecast the future movement of share values a few minutes from now. Better trading decisions can thus be made based on the anticipated market prices.
Uses for AI in Agriculture
A worrying statistic: by 2050, global food production will have to increase by 50 percent to keep up with our insatiable appetites. If we don’t use our resources more efficiently, there’s no way we can pull this off. Hence, AI can aid farmers in increasing output while decreasing waste.
Climate change, population expansion, and worries about a country’s ability to provide its citizens with enough food have all prompted businesses to look for novel ways to increase harvests.
Automated and robotic systems are being used by organisations to aid farmers in devising more effective weed-control methods.
See & Spray, invented by Blue River Technologies, is a robot that can recognise objects in a scene and then spray weed killer on cotton plants with pinpoint accuracy. Herbicide resistance can be avoided through careful spraying.
In addition, PEAT, a Berlin-based agricultural tech startup, has created a tool called Plantix that uses photographs of the soil to detect problems and nutrient deficits.
The user’s smartphone camera can be used to capture photographs that will be analysed by the image recognition programme to spot any flaws. The system then offers users advice on how to restore soil as well as other options. According to the firm, their programme can accomplish 95% accuracy in pattern detection.
Uses for AI in Health Care
Several hospitals and other medical facilities now rely on AI to help save lives. It’s easy to find success stories about how artificial intelligence has improved healthcare for people all across the world.
Cambio HealthCare has created a clinical decision support system for stroke prevention that can alert the doctor when a patient is at risk of having a heart attack.
Coala life is another firm with a digitalized device that can detect heart problems.
Aifloo is also working on a system to monitor patients’ progress across several care settings, including hospitals, clinics, home care, and more. The most exciting aspect of AI in healthcare is that new drugs aren’t even required. It is possible to save lives just by making better use of a drug that is already available.
Finally, I’d like to know your thoughts on the potential future benefits of artificial intelligence.
One-Stop Shop for All Your Digital Needs: Little Biggest Design Company.
The combination of LBDC’s digital industry expertise and the knowledge and skill of our professionals makes for an unparalleled user experience.
Working with us will be a breeze because we employ specialists in the field.
If you want to learn more, contact us right away.