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 healthcare, finance, agriculture, and so on. Marketing is a way to sugar coat your products to attract more customers.
Even though Artificial Intelligence (AI) has been around as an academic and scientific discipline since the 1950s, the proponents of AI have never been as hopeful as they are in the present times. It's needless to mention that the current surge in AI research, investment, and real business applications is unprecedented. Market Intelligence firm IDC in their New IDC Spending Guide, September 19, 2018, predicted that the worldwide spending on cognitive and Artificial Intelligence systems would reach $77.6B by 2022. Similarly, Gartner projects the business value created by AI at $3.9T by 2022. While the philosophical debate on the ethical concerns around AI continues in several circles, we have seen myriad business applications of AI.
In recent times the Artificial Intelligence (AI) is the breakthrough technology. We have started learning the ways to communicate with devices. We are successful in directing machines to perform certain tasks using their intelligence. Of late, machines are performing many smarter activities using cognitive intelligence in contrast to natural intelligence (NI) displayed by human and other animals. AI is being used in many sectors and it has opened the doors of implementation of AI in many other emerging sectors.
AI can be used in banks to decrease financial risk, It can improve loan underwriting through machine learning, improve financial crime risk with advanced fraud detection, It can improve compliance and controls, and reduce operational risk through improved accuracy in transcription & production of documents, banks can use machine learning and big data to prevent criminal activities and monitor potential threats to customers in commerce. Artificial intelligence (AI) includes machine learning and natural language, it can be used in the banking industry, Machine learning is a method of data analysis which automates analytical model building, Machine learning occurs when computers change their parameters/algorithms on exposure to new data without humans having to reprogram them. Natural language processing (NLP) refers to the ability of technology to use human communication, naturally spoken or written, as an input that prompts computer activity, natural language generation (NLG) refers to the ability for technology to produce human quality prose, It sorts through large amounts of available data to produce a human-sounding response, NLG can take the form of speech, or of a multipage report summarizing financial results. AI can help the bank understand the expenditure pattern of the customer, The bank can come up with a customized investment plan & assist the customers for budgeting, banks can send the notification about the advice for keeping a check on the expenses and investments based on the data, The transactional & other data sources can be tracked to help understand the customer's behavior and preferences to improve their experience. Artificial intelligent can sift through massive amounts of data and identify patterns that might elude human observers, One area where this capacity is particularly relevant is in fraud prevention, Artificial intelligence and machine learning solutions are deployed by many financial service providers to detect fraud in real time.
Today's technology landscape is looking great. Artificial intelligence has begun to move from the margins to the mainstream of the global economy and has reached a great level of interest for businesses and the general public. Among the various disciplines of AI, computer vision is acquiring considerable momentum. Let's see what it is all about. Progress in artificial intelligence and robotic technologies tends to reduce the gap between humans and machines capabilities, although there is still a substantial way to go to meet the ultimate goal of a human-like machine.