Artificial intelligence is becoming more powerful with each passing day. It is inevitable that this rise will be found across almost every single sector in the world, transforming the way that businesses interact with both consumers and other businesses. To celebrate the ways in which AI will make an impact on different industries, this article will focus on six in particular that are likely to reap the rewards of these amazing innovations. Read on to see which businesses are likely to be transformed the most.
Pension Industry
Pensions are still mostly in the hands of government agencies, meaning that the way in which they are processed remains rather slow. This is set to change with the introduction of different machine learning tools that have the potential to revolutionize the entire industry. Some of the ways that it will change include:
• Fraud detection, as the pension industry is particularly vulnerable to scams
• The improvement of plans as well as more sophisticated implementation
• Smart access that can allow one to see and update their pension plans in real-time
• Further automation at every single stage of the pension personalization process
To learn more about how the pension industry might be transformed by AI, check out the amazing innovations that are happening over at Procentia.
Healthcare
Artificial intelligence and machine learning are slowly emerging as one of the dominant trends set to change the healthcare industry completely. Whether it comes to wearable tech, which can monitor vital signs and immediately alert doctors if something is wrong, early detection, nipping diseases in the bud before they become potentially damaging, diagnosis, which is often becoming even more sophisticated than the best doctors in the world, as well as aspects that include decision-making, treatment, and end-of-life care, AI is taking on every process in the world of healthcare. Of course, AI cannot fully replace the work of doctors or nurses, but in tandem with improved robotics, it will likely become one of the most useful tools in their arsenal when it comes to providing and improving their level of care.
Hospitality and Travel
Artificial intelligence is already changing the way that we travel. For example, you have probably used an API that collates all the different flight deals around in order to find the best one for you when it comes to taking a vacation. That uses artificial intelligence in order to pool together a variety of different flight providers and put them in one easy-to-function package. This type of innovation is likely to be used across a wide variety of different hospitality and travel providers, impacting every part of the process, from booking your initial trip to the way that you interact with hotels.
Insurance
The insurance industry has a remarkable chance for reform by implementing the full tools AI can provide. AI is expected to speed up many elements of the industry, especially when it comes to identifying insurance risk, giving out advice, processing claims, fraud prevention, and more. While it cannot be expected to replace the work of skilled professionals, such as actuaries, who spend several years gaining qualifications in order to work, it will be a useful tool that can accompany them on their adventures in the insurance industry.
Banking
Traditional banks are already facing competition across North America and Europe by start-up banking apps like this one that leverages the power of AI to provide a new and more personalized banking experience. AI is also used for a variety of banking processes, such as calculating a credit score. It is likely that AI will have a huge impact on how banking is conducted in the future, impacting everything from front office communication, building chatbots and virtual assistants, assessing risk, making investments, and improving the online banking experience. Given the economic savings, it is likely that even the biggest legacy banks will see the benefits of using AI in the future. After all, it is estimated that the savings from AI could total $447 billion by 2023!
Manufacturing
AI has already changed the entire manufacturing chain, with the expectation that many if not all processes in a factory chain that were handled by a person can be completed by a machine. The worry in the manufacturing industry, as has been seen across the world, is the ways that AI in manufacturing will replace a variety of blue-collar jobs. The hope, of course, is that these jobs can be retrained for roles in monitoring the AI so that it can operate at the very best of its ability.
