Artificial Intelligence and Machine learning are the two vital requisites of modern businesses. According to recent studies, 38% of organizations have used Machine learning and AI algorithms to analyze and detect trends from the massive amount of data generated. These AI technologies help businesses in predicting their customer behavior, detection of frauds, and focus on targeted marketing. Thus AI is rapidly becoming a competitive tool in businesses to be more efficient.
Artificial Intelligence is finding its relevance in various domains from healthcare, banking, financial services, insurance sector to HR.
AI in Banking, Financial Services, Insurance(BFSI):
- Fraud detection: Banks and other financial companies leverage the benefit of AI to detect fraudulent activities by analyzing financial transactions based on customer profiling.
- Sales support: Conversational AI helps BFSI to offer customers with automated sales support for their query resolutions. The chatbot backed by AI is programmed to understand human conversations thereby assisting customers in their purchase decisions and query resolutions.
- Churn Management: Machine learning and Natural Language Processing help banking and financial services companies to trace their customers shift to its competitors based on sentiment analysis. This can trigger their matrices on customer satisfaction levels.
- Targeted customer service: Machine learning helps BFSI to identify customers for targeted services based on the data available on social networks.
- Cybersecurity: AI is deployed by organizations to ensure cybersecurity by real-time detection, mitigation, and prevention of threats and anomalies.
AI in Healthcare:
- Patient data analytics: Machine learning algorithms combined with predictive analytics have the potential to discover insights and suggest actions thereby enhancing patient satisfaction levels.
- Customized medications: AI models helps to identify the customized treatment for a patient based on their genetic profile and medical history.
AI in HR:
- Performance Management: AI and ML algorithms help HR managers to measure employee performance thereby enhancing their satisfaction and productivity.
- Employee Monitoring: AI helps in monitoring the employees based on their performance metric and numerous other data such as working hours, productivity data thereby predicting the performance of the employees in the overall financial year.
- Retention Management: Predictive machine learning algorithms help organizations to detect the employees likely to leave the organization and assist in managing employee retention across the organization.