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.
If you’re new to AI make sure to check out this blog on what is AI.
The various domains which I’ll be covering in this blog are:
AI in Marketing
AI in Banking
AI in Finance
AI in Agriculture
AI in HealthCare
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.
AI Applications - AI in Marketing
Artificial Intelligence Applications – AI in Marketing
One reason why we’re all obsessed with Netflix and chill is because, 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.
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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.
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Since its launch, Eva has addressed over 3 million customer queries, interacted with over half a million unique users, and held over a million conversations. Eva can collect knowledge from thousands of sources and provide simple answers in less than 0.4 seconds.
Artificial Intelligence Applications - AI in BankingArtificial Intelligence Applications – AI in Banking
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.
In the age of ultra-high-frequency trading, financial organizations are turning to AI to improve their stock trading performance and boost profit.
Artificial Intelligence Applications - AI in Finance
Artificial Intelligence Applications – AI in Finance
One such organization is Japan’s leading brokerage house, Nomura Securities. The company has been reluctantly pursuing one goal, i.e. to analyze the insights of experienced stock traders with the help of computers. After years of research, Nomura is set to introduce a new stock trading system.
The new system stores a vast amount of price and trading data in its computer. By tapping into this reservoir of information, it will make assessments, for example, it may determine that current market conditions are similar to the conditions two weeks ago and predict how share prices will be changing a few minutes down the line. This will help to take better trading decisions based on the predicted market prices.
Artificial Intelligence Applications: Agriculture
Here’s an alarming fact, the world will need to produce 50 percent more food by 2050 because we’re literally eating up everything! The only way this can be possible is if we use our resources more carefully. With that being said, AI can help farmers get more from the land while using resources more sustainably.
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Issues such as climate change, population growth and food security concerns have pushed the industry into seeking more innovative approaches to improve crop yield.
Organizations are using automation and robotics to help farmers find more efficient ways to protect their crops from weeds.
Artificial Intelligence Applications - AI in Agriculture
Artificial Intelligence Applications – AI in Agriculture
Blue River Technology has developed a robot called See & Spray which uses computer vision technologies like object detection to monitor and precisely spray weedicide on cotton plants. Precision spraying can help prevent herbicide resistance.
Apart from this, Berlin-based agricultural tech start-up called PEAT, has developed an application called Plantix that identifies potential defects and nutrient deficiencies in soil through images.
The image recognition app identifies possible defects through images captured by the user’s smartphone camera. Users are then provided with soil restoration techniques, tips and other possible solutions. The company claims that its software can achieve pattern detection with an estimated accuracy of up to 95%.
Artificial Intelligence Applications: Health Care
When it comes to saving our lives, a lot of organizations and medical care centers are relying on AI. There are many examples of how AI in healthcare has helped patients all over the world.
An organization called Cambio Health Care developed a clinical decision support system for stroke prevention that can give the physician a warning when there’s a patient at risk of having a heart stroke.
Artificial Intelligence Applications - AI in Health Care
Artificial Intelligence Applications – AI in Health Care
Another such example is Coala life which is a company that has a digitalized device that can find cardiac diseases.
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Similarly, Aifloo is developing a system for keeping track of how people are doing in nursing homes, home care, etc. The best thing about AI in healthcare is that you don’t even need to develop a new medication. Just by using an existing medication in the right way, you can also save lives.
I’d like to conclude by asking you, how you think AI will benefit us in the future?