It has taken quite long for Artificial Intelligence to transition from fiction to reality. In the last 1 year, AI has had a measurable impact on a number of businesses and continues to be a hot topic for discussion in academic circles and business. Almost all large progressive organizations are confident of using AI applications to drive business processes and assert that they are over twice as likely as their competitors to be using AI technology, especially in marketing 28% vs. 12%.
In a survey on “Next Big Marketing Trend” by BrightEdge, 29% of respondents suggested consumer personalization, 26% AI and 21.23% voice search as the next big trend. This clearly highlights the extent to which AI tech will permeate businesses.
While marketing and customer experience are the top perceived applications for AI, there are other areas worth exploring. For example, banking and finance offer ample scope for automation using AI. interface AI implementations in this area have been ground-breaking and you are welcome to talk to us to learn more.
Here’s a whatexample for this but we thought to bring in another expert advice for you. Here are some AI applications shared by Rohit Keserwani, a Fintech Consultant with over 15 years of experience, has to say on applications of AI:
Treasury and investment banking back-office processes:
In banking, there are a lot of back-office tasks that are repetitive in nature and can be automated. It is, however, important to understand that these tasks need to be performed with a high level of accuracy and error tolerance is extremely low. AI may come in handy to reduce these manual tasks by as much as 85%.
Bank locker operation:
While this is a major fee-based income that the banks look forward to, it also requires senior staff in all branches to be involved in a tedious clerical process and does due diligence before every single locker operation. This process can be a good candidate for automation using AI.
Cash management services:
Any cash carried in the branch vault overnight is a non-interest bearing asset for the bank and hence banks want to minimize their overnight balance. Bigger banks have currency chests to deposit any surplus and replenish any shortage of cash to branches. It is the question of human judgment as to how much cash should be carried by a branch as overnight balances. AI may come extremely handy to solve this teething problem for banks.
Path-breaking AI applications for businesses
Like banking and finance, each industry will have its own niche use cases. Nevertheless, we can easily find some generalized examples that’ll be relevant across industries. Here are some of the potential applications of artificial intelligence that everyone can better relate to:
1. Voice intelligence
Ok, Google, “Who is better Siri, Cortana or Alexa?”
Natural Language Processing is the part of artificial intelligence that deals with analyzing audio/text inputs. While we are yet to bring down language barriers completely, voice assistants sure are making communication easy.
The instinctive nature of voice interfaces makes them user-friendly. A process that requires the user to perform 10 steps can now be done with a simple sentence. Today, voice assistants are being incorporated into many consumers facing business processes. A study by Pew Research Center shows that 46% (nearly ½) of U.S. adults now use these voice applications to interact with smartphones and other devices.
2. Fake news filter:
Page 3 - Hot News - Emma Gonzalez tore up the Constitution! - Check Footage
Oh wait, don’t tweet this >.< this is fake!
Fake news is a major concern today, especially because of its potential to spread virally on social media.
In a survey of US adults on whether or not they assume that some media sources report fake news stories, the results showed that 77% believe that they do.
Aaron Edell, CEO of Machine Box, created an application FakeBox to fight fake news using AI. By training an ML program on a dataset of fake news he was able to identify them with 95% accuracy. You can read about his methodology here. From a business perspective, we can use similar technology to catch rumors, bad PR attempts from competitors and even doppelganger brands.
3. Increasing workplace operational efficiency:
Artificial intelligence can also be effective in increasing the operational efficiency of businesses. This can come in the form of using industrial robots, AI bots for workplace communication, AI software to predict uncertain situations in production etc. From 2004 to 2017, we have seen tremendous growth in the use of industrial robots. Similarly, enterprises are now increasingly focusing on automation and intelligence using big data. It is now common for big companies to have an in-house team of data scientists.
Worldwide sales of industrial robots from 2004 to 2017 (in 1,000 units)
Workplace communication is yet another area where AI can help in increasing operational efficiency. Customer-facing chatbots are common among brands but enterprise companies can equally benefit by creating employee-facing bots to answer questions on internal processes. Organizations spend a lot of time on training or onboarding new hires and this time can be cut short by using bots to supplement documentation.
The ultimate objective of any AI initiative should be to deliver value. This requires businesses to think far and beyond their current expertise. While marketing is a function where we can get instant results, other equally or more important functions of business should not be sidelined. We hope the suggestions shared in this blog post have given you a new outlook on the scope and potential of artificial intelligence.
Read our blog on: Digitally Empowered Customer Using AI-Assisted Banking Solutions