Updated: Aug 28, 2019
Credit by :Shail S.-Techpreneur.
Just the mention of AI and the brain invokes pictures of Terminator machines destroying the world. Thankfully, the present picture is significantly more positive. So, let’s explore how AI is helping our planet and at last benefiting humankind. In this blog on Artificial Intelligence applications, I’ll be discussing how AI has impacted various fields like marketing, finance, banking and so on.
Artificial Intelligence Applications: Marketing
Marketing is a way to sugar coat your products to attract more customers. We, humans, are pretty good at sugar coating, but what if an algorithm or a bot is built solely for the purpose of marketing a brand or a company? It would do a pretty awesome job!
In the early 2000s, if we searched an online store to find a product without knowing it’s exact name, it would become a nightmare to find the product. But now when we search for an item on any e-commerce store, we get all possible results related to the item. It’s like these search engines read our minds! In a matter of seconds, we get a list of all relevant items. An example of this is finding the right movies on Netflix.
Netflix provides highly accurate predictive technology based on customer’s reactions to films. It examines millions of records to suggest shows and films that you might like based on your previous actions and choices of films. As the data set grows, this technology is getting smarter and smarter every day.
With the growing advancement in AI, in the near future, it may be possible for consumers on the web to buy products by snapping a photo of it. Companies like CamFind and their competitors are experimenting this already.
Artificial Intelligence Applications: Banking
AI in banking is growing faster than you thought! A lot of banks have already adopted AI-based systems to provide customer support, detect anomalies and credit card frauds. An example of this is HDFC Bank.
HDFC Bank has developed an AI-based chatbot called EVA (Electronic Virtual Assistant), built by Bengaluru-based Senseforth AI Research.
The use of AI for fraud prevention is not a new concept. In fact, AI solutions can be used to enhance security across a number of business sectors, including retail and finance.
By tracing card usage and endpoint access, security specialists are more effectively preventing fraud. Organizations rely on AI to trace those steps by analyzing the behaviors of transactions.
Companies such as MasterCard and RBS WorldPay have relied on AI and Deep Learning to detect fraudulent transaction patterns and prevent card fraud for years now. This has saved millions of dollars.
Artificial Intelligence Applications: Finance
Ventures have been relying on computers and data scientists to determine future patterns in the market. Trading mainly depends on the ability to predict the future accurately.
Machines are great at this because they can crunch a huge amount of data in a short span. Machines can also learn to observe patterns in past data and predict how these patterns might repeat in the future.