31 Jul 2019
The adoption of artificial intelligence in companies may just be the next big thing within the financial world. Several firms have already started investing in tech companies in order to help develop and progress the use of AI in business. It is interesting to look at how AI is already being used and how it could be adopted in the future.
AI has eased the travel industry by enhancing sales and prices as well as the capability of personalising trips according to the provided dates and budget. Another positive that AI adoption has is that it reduces the risk of frauds. Credit card fraud is also reduced as the AI robot would be able to examine the user’s behaviour when making transactions as well as keep an eye on the location and previous transactions. If considered a threat, the security system would highlight its concerns on the individual to the company. Banks have used such programmes to find out more about financial crime.
The way AI works is very similar to how humans operate – learn by experience. Therefore, a programme could work on the given data and come up with recommendations that will suit you more, like when talking to a travel agency. Artificially Intelligent ChatBots are used in businesses to facilitate the consumer’s experience and increase customer satisfaction. AI has also boosted the transportation sector with the introduction of self-parking vehicles and technology is now being worked on to produce self-driving cars, making it a more secure method of driving.
Companies are now looking to see where AI could be implemented in. Expansions in cryptocurrency makes room for AI to grow in terms of security. As the AI system learns more about the user, better recommendations will be made and would also ease personal financing.