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Hey Siri! Make a call to mom.
Remember the first time you commanded your smartphone to connect you with your loved ones effortlessly?
It was a sneak peek into the transformative power of AI in mimicking human intelligence to perform tasks with better accuracy.
Fast forward to today, the evolution is nothing short of miraculous.
What once seemed like a futuristic innovation, today is not only limited to personal uses but also transforming various industries and sectors.
90% of the brands worldwide are investing in AI, and 83% of them strongly believe that AI will help them maintain or gain a competitive edge. (Source: BusinessDIT)
How could AI help you gain a competitive edge in your industry? Here in this blog, I’ll talk about 5 industries and their transformation under AI.
So, let’s get started.
The finance industry is a mixed bag of challenges and opportunities. From offering personalized recommendations, and fraud prevention, to making the right lending decisions, AI is revolutionizing the industry in many ways.
Here are some of the potential use cases of AI in the finance industry;
The most obvious application of AI in the finance industry is chatbots and virtual assistants.
Two out of three financial institutions have implemented chatbots and virtual assistants to facilitate customer service, (Source: AIMultiple).
These days, chatbots are going beyond just serving customers 24*7 with their common queries. Initially, chatbots worked on rule-based systems and were limited to responding to specific customer requests only. For example, if a customer asks about the bank’s operating hours, the bank balance, how to open a bank account, and other common questions.
The generative AI enabled the chatbots to become more dynamic and have full-fledged conversations with customers. For example, chatbots can understand individual customer’s needs and provide them with personalized advice tailored to them without human intervention.
Fraud detection and prevention is the bold point in the checklist of almost all financial institutions. AI can help to detect fraud and prevent it, easing the worry of fraudulent activities sweeping away the revenue of institutions.
Bad debt each year severely hits the revenue of financial institutions. The utilization of AI can help to make informed lending decisions significantly reducing the likelihood of bad debt.
AI can create a detailed profile of the borrower by evaluating several data sources like social media, online behavior, credit score, and more. For example, Zest Finance uses AI to swap out the profile of the riskiest borrowers to build a healthy portfolio of lenders evaluating information from multiple sources.
AI can also be utilized by financial institutions to automate and personalize financial advice, portfolio management, and asset allocation.
AI can explore a vast quantity of data, market trends, client priorities, and more to offer personalized advice to customers such as retirement plans, setting their investment goals, and more.
For example, Wealthfront, a popular financial advisor and portfolio management company collects customer information like income, assets, expenses, liabilities, financial goals, and more. Evaluating this information can create personalized financial plans for each customer tailored to their financial goals.
The retail industry is finding new ways of growth with AI. AI is helping retailers improve customer experience, optimize inventory management, and automate tasks.
Here is a sneak peek into how retailers are using the AI;
The healthcare industry has witnessed a rise in the usage of artificial intelligence. According to Statista, over 90% of large healthcare organizations are using AI.
Artificial intelligence can be used in multiple ways in the healthcare industry to give it a complete makeover;
Automation and Robotics: AI-driven robots have become integral in performing repetitive tasks, leading to increased efficiency and productivity. They can work 24/7 without fatigue, reducing human error and improving safety.
AI has made its significant place in the marketing industry and is used by marketers for a variety of reasons such as;
In this era of rapid technological advancement, AI’s role in shaping industries is undeniable. Its capabilities to analyze data, identify patterns, and make informed decisions help organizations in driving innovation and efficiency.
As the CEO of Cyntexa, I have experienced firsthand the transformative power of AI. It is no longer a technology responsible for automating tasks, or crunching numbers, it’s about leveraging it to create human-focused solutions. Whether it’s enhancing customer experiences, streamlining operations, or unlocking new growth opportunities, AI is the catalyst for a smarter, more responsive business landscape.
The future is not about AI replacing humans; it’s about AI empowering us to achieve more. It’s about using AI to strengthen our inventiveness, our creativity, and our ability for problem-solving. As we continue to dig into the vast opportunities of AI, let us adopt this technology with an open mind and a thoughtful approach, guaranteeing that it does the greater good and drives us toward a more successful, unbiased, and sustainable future.
The youngest Salesforce MVP in the world in 2019, is a successful serial entrepreneur and CEO of Cyntexa - a prominent global Salesforce Consulting and Implementation Partner. He's also the driving force behind Salesforce Hulk, a popular YouTube channel providing valuable insights to Salesforce enthusiasts. As a thought leader in the Salesforce ecosystem, Shrey is committed to driving business growth through technology.
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