Feb 19, 2019

3 Industries where Artificial Intelligence can do wonders in 2019

3 Industries where Artificial Intelligence can do wonders in 2019

Innovation and constant improvement are the 2 items that can empower natural selection among competitors working in the same industry. Consumers have to be wooed by innovative products and top of the line services in order to create a loyal user base. Even the most rigid fields of business that are known to rely on manual workflows have been forced to use automated systems in order to provide better customer services.


Banks, financial institutions, retail stores, and compliance based businesses are the top examples of this fact. But as the year 2019 has rolled over, the prospect of using modern day tech to fast-track day-to-day operations with automated systems and open APIs have gained momentum. More and more business are integrating their core legacy systems with services and products that enable their human staff to perform their duties in a more organized way while providing real-time reporting and analytics to their superiors at the same time.


Artificial Intelligence fueled by big data is the most appropriate form of technology and products built on AI has the true potential to transform the operations of almost all the major industries across the globe. Major industries that can have a highly advantageous alteration in their business practices because of Artificial Intelligence are listed below:

Banking

Starting from identity fraud prevention tools to online account opening services, banking services can become the biggest benefactor from AI-based products. Several reg tech products are also available these days that use machine learning and other sub-fields of Artificial Intelligence in order to provide regulatory compliance to banking operations. Customer Due diligence and AML compliance are few of the use cases of such a reg tech, ensuring that not only an authentic user signs up for banking services but there is no substantial financial risk attached to that person as well.

E-commerce

Cashback requests and online payment frauds can be significantly reduced as well because of Artificial Intelligence. One of the most common forms of loss sustained by online shopping and e-commerce websites originate from either account takeover of genuine customers or using synthetic IDs to register on such platforms. Credit card verification and identity document checking apps are available now that can check the authenticity of identity documents and credit cards used to either register or purchase items on e-commerce websites.

Recruitment

Most of the companies have outsourced the recruitment process to find the best talent for their company. But what haunts this multi-million dollars industry is the job candidates that use fake or doctored documents to either establish a false identity or educational credentials that they do not actually possess. 


Even the companies that want to hire remote resources and employees to perform their duties in different cities or countries have the potential to hire human resources that might have overexaggerated their past work experience. With the help of a powerful document verification service that has the added advantage of Artificial Intelligence can easily check the authenticity of educational, experience and other personal information about a potential candidate.

Artificial Intelligence has the ability to transform the overall tech landscape and principles adopted by different industries. It is about time that companies start integrating AI-based products in their daily workflows to augment their productivity and supplement their revenue streams.


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Hey! I’m Muhammad Abba Gana, popularly known as AbbaGana, a blog Scientist by mind and a passionate blogger by heart fountainhead of Guidetricks, Duniyan Fasaha, Duniyar Yau, Hanyantsirah, Gidan Novels, Abba Gana Novels and Be With Me Technology, I am twenty something year old guy from Jimeta, Adamawa State, Nigeria. I’m a Freelance writer, Information marketer, professional blogger, Web designer, Internet speaker, software Developer and also an author. I make living with my laptop and can work from anywhere I find myself (as long as there is a power supply and a reliable internet connection).

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