How Fintech and Key Industries are Impacted by Artificial Intelligence
Artificial intelligence (AI) has been gaining recognition among investors and executives in various industries worldwide. The aim is to offer machines human-like intelligence and capacity to reason, upgrade functionality, fixing human errors and helping companies to improve their end user experience. AI technologies such as: speech recognition, natural language processing, deep learning and machine learning have impacted key industries during recent years despite the fact that certain companies have been trying to create fear from A.I and robotics. It is some companies’ sales strategy.
It all started when Elon Musk spread all over social media and PR platforms the fear from A.I bandwagon. I noticed many A.I experts were buying it and it was getting out of control, so we provided proof and reasoning through a series of campaigns on social media that this wasn’t true. The stream media and some A.I tech journalists noticed my efforts and helped with increasing awareness about the benefits of artificial intelligence and robotics. Everytime Tesla is in trouble, you hear or read horror stories about A.I and robotics. Elon Musk, Donald Trump and a few other businessmen use fear strategy when their companies have problems. They drive media, their investors, shareholders and clients’ attention to something else when something fishy is going on.Does this business strategy work for them? Yes. Should you do the same thing for your business? No. Because you need key decision makers in media, politicians and investors to support you and having those people in your circle of allies requires implementing certain strategies and politics. Back to the impact of A.I on industrial advancements.
Industries such as tourism, travel, retail, BFSI, media, advertising, digital marketing, web security, IT, telecommunication, hospitality etc. need to process large quantities of data and this is done by artificial intelligence , machine learning, data processing and deepmind.
Key Industries Impacted by Artificial Intelligence Technology
The emerging AI technology was first exploited and put to good use by manufacturers; especially in their assembling and packaging departments. There are some more complex tasks that machines now handle thanks to AI technology. Artificial intelligence helps with assembling and testing of electronics, vehicles, creating smart city, smart homes etc.
A.I in Healthcare
Another industry greatly influenced by the emerging AI technology is Healthcare. As a matter of fact, the healthcare industry would be crucial to the fourth industrial revolution ( Industry 4.0 has something to do with smart automation and data exchange in manufacturing ). Physicians will be able to make better decisions and offer more effective treatments with AI technology at their disposal( EHR systems). Deep learning could also be very important in Pharmacy. It could help monitor the effects of drug testing and analyzing it far quicker than the traditional approach.
Almost every major player in the AI field has either launched or is still developing health care solutions using A.I and machine learning technology. The Medical Sieve and Watson for Oncology by IBM are already in the market and have proven to be important breakthroughs in healthcare while the Google Deepmind Health project can offer physicians access to medical data through data mining. Some important AI based companies that have had significant input in Healthcare include; Babylon Health, Google, Ayasdi, iCarbonX and IBM.
Artificial intelligence in the medical field is sustained by startups and old companies investments. In fact AI in Healthcare is expected to witness a growth from 667.1 million to 7,988.8 million between 2016 and 2022 at a CAGR of 52.68% according to the reports published by Markets and Markets.
A.I in Automotive Industry
The increase in smart transport and automated cars all over the world has improved. The automotive industry will be enhanced a great deal with AI. According to the Roads and Transport Authority (RTA) of Dubai, within a few years public transport will become driverless and professional drivers will be replaced by smart cars. A perfect example is the announcement of driverless cars by 2030. The plan of the Dubai government is to make up to 25% of the road transport autonomous, which will reduce cost by 44% and increase productivity by 13%. This can only be achieved with artificial intelligence, which will also ensure that road accidents are reduced by at least 12%.
In retail, AI provides endless possibilities and its growth can be linked to the developing ecommerce websites. By implementing A.I in ecommerce, users can enjoy having a better customized services such as: understanding the site’s navigation as well as buying habits and emotional response. Some retailers such as: Asos, Urban outfitters and Neiman Marcus currently have made use of AI technology to provide visual search options to their customers. The AI powered chatbots are also something that is gradually being put to use by businesses. It isn’t only data processing that AI can help retailers with. They can also go a long way to make customer services easier and cheaper. Some of the more important industry players in retail AI include Optoro, Mona, Layer 6 AI, Infinite Analytics, Bloomreach and Artifacia.
A.I in Fintech and Insurance
BFSI is acronym for Banking, Financial services and Insurance. AI has greatly enhanced them. Needless to say that banks handle quite a huge amount of customer data most of which must be kept confidential and secure. Departments such as risk management, marketing, compliance, product delivery, back office operation and even customer services can benefit a lot from AI. Also, “robo advisors” which are the automated financial planners for the financial service industry can assist in making certain decisions and advising on the right investments. Another important application of AI is the Smart Wallet. These wallets are designed to comprehend users’ spending habits and they notify them whenever they start exceeding their regular budget.
Finally, every business aims to increase their bottom line and that is what artificial intelligence can help with across all industries. AI made work more efficient, and less expensive. We must understand that a significant aspect of the fiscal growth from AI won’t come from replacing the workforce and investment, but complementing the work force to achieve better results.