Artificial Intelligence Used In Finance, Health Care, Marketing, Banking, and Social Media
The mere mention of AI or the brain triggers images of Terminator machines that are destroying the world. However, the current picture is a lot more positive. Let’s take a look at how AI helps the world and, in turn, helping humanity. In this blog post on Artificial Intelligence applications, I’ll discuss how AI has affected different fields such as banking, finance, marketing, and many more.
Artificial Intelligence Advantages
Artificial Intelligence Applications for Finance
Ventures have relied on data scientists and computers to discover patterns for the future on the markets. Trading is primarily dependent on the ability to predict the future with precision.
Machines excel at this as they can process massive amounts of data in a brief period. Devices also can discern patterns in the data and anticipate how these patterns could occur in the future.
In the modern age of ultra-high-frequency trading, banks are looking to AI to boost their performance when trading stock and improve their profits.
Artificial Intelligence Application: Health Care
In the quest to save our lives, lots of medical facilities and centers are turning to AI. There are numerous instances where AI is being used in the field of healthcare. Assisted patients from all over the world.
A company called Cambio Health Care developed a clinical decision support system to aid in stroke prevention that will give doctors a warning if the patient is is at risk of suffering an attack on the heart.
Artificial Intelligence Applications for Marketing
Marketing is the process of trying to sweeten your product to bring in more customers. Humans are pretty skilled in sugar-coating; however, what happens if an algorithm or bot was created only to advertise a brand or business? It could do a fantastic job!
At the beginning of the 2000s in the early 2000s, if we went to an online store to locate the product we wanted without knowing its specific name, it could be challenging to find the item. When we type in something on an online store, we are presented with every possible result associated with the product. It’s like the web crawlers are listening to our brains! In only a couple of minutes, we can get an entire list of relevant items. A good example is finding the best films on Netflix.
Artificial Intelligence Applications for Banking
The use of AI within banking has been expanding faster than you expected! Many banks have already implemented AI-based systems that assist customers and spot suspicious transactions and frauds with credit cards. A good example can be found at HDFC Bank.
HDFC Bank has developed an AI-powered chatbot known as EVA (Electronic Virtual Assistant) created from Bengaluru, a city that is the home of Senseforth AI Research.
Since its inception, Eva has addressed over 3 million customer inquiries and interacted with nearly half-million unique users, and had more than 1 million chats. Eva can gather information from a myriad of sources and offer simple answers in just 0.4 seconds.
Artificial Intelligence applications: Social Media
Since social media became our brand, We’ve created massive amounts of information through chats, tweets, and more. In any place that has plenty of data, AI or Machine Learning is always present.
On social media platforms, such as Facebook, AI is used to check facial features. Machine learning and deep-learning concepts can be used to recognize facial features and then tag your friends. Deep Learning is used to remove every detail in an image making use of several deep neural networks. On the other hand, machine learning algorithms are employed to create your feed by your interests.