Artificial Intelligence in FinanceRead post
Machine Learning is changing every aspect of our lives and it affects businesses too. How can Machine Learning Applications and Artificial Intelligence help you get ahead in the field of finance and help your business grow?
According to the experts from DeepMind, the Machine Learning market value is about 450 billion dollars in 2017 and will reach up to 30 trillion dollars by 2030. Based on a report from McKenzie, “Tech giants including Baidu and Google spent between $20B to $30B on AI in 2016” Why did they do it? Because it will determine which businesses will succeed and win the market race, leaving competitors far behind. It is not about the fight for a competitive advantage anymore, but a crucial asset that allows you to stand out from competitors.
It brings tremendous profits to every industry, including retail, manufacturing, healthcare, marketing, transportation, telecoms and finance. Today we are going to focus on opportunities that it brings to finance.
Finding and preventing fraudulent activity by using analytics and machine learning is one of the biggest opportunities for this sector. Building a holistic view of customers, identifying anomalies (or suspicious behaviors) and notifying security teams is crucial. With time, the level of protection and security based on AI models will be better and better.
Product and Service Recommendations
Systems that constantly improve and create radically personalized profiles of your customers' needs are crucial for your business to grow. What's more, sales recommendation systems that constantly learn your clients' expectations and behavior help you in creating more revenue from your product or service. For example, right now some recommendation systems can even learn what you want as a gift and do not want for yourself.
Soon, security measures used to protect your bank account will have to be more complicated than today’s procedures like using a password, username or some security questions. It will require more advanced techniques of customer recognition to prevent the account from being compromised. In the future, more advanced technology solutions such as face and voice recognition and biometric data will be used.
Sentiment analysis will help you in gaining a better understating of your customers’ needs in real time. Having a better understanding of upcoming trends that can be noticed by Machine Learning Solutions helps you in turning this knowledge into profit. It helps you in finding new demands or new markets that are directly dedicated to your clients' needs. Analysis of social media and user behaviours along with finding non-trivial insights will help you in leaving your competitors far behind.
We have shared entire articles about how Artificial Intelligence can help you in marketing. We mentioned the example of Netflix, which, according to a report from MacKenzie, “has achieved impressive results from the algorithm it uses to personalize recommendations to its 100 million subscribers worldwide. Netflix found that customers, on average, give up 90 seconds after searching for a movie. By improving search results, Netflix projects that they have avoided canceled subscriptions that would reduce its revenue by $1B annually.” We highlighted:
- Cost and time optimization
- Reaching maximum marketing efficiency
- Market forecast/Predictive analytics
- Content analysis
You can learn more about ML/AI Solutions opportunities in Marketing here.
An assistant like ours helps you to optimize sales processes and help you gain a better understanding of your clients’ needs. By using Natural Language Processing, we are helping our clients to better understand their clients’ needs and finding new business potential. Our solution is constantly learning and will help you in answering questions from your clients by mail or voice message. It will improve your client satisfaction and a happy client always comes back for more. Machine Learning can help you increase your sales without increasing the size of your workforce.
These are only a few areas where Artificial Intelligence Solutions can add the greatest value and help you leave your competitors behind.
To benefit from AI Solutions, you don’t have to be an AI expert - that’s what we’re for. Let’s talk about your needs and plans to create AI Solutions tailored specially to your needs.
Wednesday, 7 March 2018