You might have noticed that whenever someone is talking about Artificial Intelligence in any way or shape, they and the conversation become way more relaxed than instantly.
Not all of the flimflam surrounding AI is optimistic, like Terminators flying in the air, toasters handling machine guns, and cars driving themselves off for fun.
You know, the usual stuff.
But, for the most part, things are looking quite positive, and there is a lot of effort and money being put into AI and how it can shape humanity’s future by being a part of every single aspect of our lives.
So, in this blog, we will talk about AI and how applications of artificial intelligence are impactful in different fields like finance, marketing, and banking, among many others.
What is Artificial Intelligence?
According to the definition:
AI is a wide-ranging concept of computer science that is concerned with creating effective machines capable of performing different tasks and processes generally performed by human intuition and intelligence.
Here are four different types of artificial intelligence that are currently being used in the market right now.
- Limited memory
- Reactive machines
- Theory of mind
Let’s now look at 10 of the different fields in which artificial intelligence is making strides.
Real-life Fields in which Artificial Intelligence is being Applied
Let’s take a look at all of these fields in detail and find out how applications of artificial intelligence are shaping them for the better.
1. Applications of Artificial Intelligence in Banking
Artificial intelligence in banking is an outstanding development. Many banks worldwide have already adopted AI into their daily dealings with customers providing customer support, detecting credit card fraud, or even detecting some other anomalies.
One such example of a bank is HDFC. HDFC bank has an AI-based chat assistant named EVA. Since its launch, EVA has helped answer over 3 million customer queries and has interacted with over 500k unique users that wanted to interact with the bank in some capacity.
Eva also held over a million conversations that allowed it to collect knowledge from thousands of different sources, helping it to answer countless answers in less than 0.4 seconds.
AI is also incredible when it comes to fraud prevention. The AI applications being used today in banking are pretty effective in enhancing security in several areas like retail, business sectors, and finance.
By figuring out the card usage and endpoint access of the fraudulent transaction, security specialists can prevent such actions in the future.
2. Applications of Artificial Intelligence in Agriculture
As we know that global warming is wreaking havoc all over the world. This includes devastation in the agricultural cycle of the world and also destroying the habitats in which food grows on earth.
And to make things worse, the global population is exploding at an alarming rate, so much so that according to an estimate, the world will have to produce 50 percent more food than we are growing today to complete the food demand.
This food demand increase and other issues like population growth, climate change, and food security concerns have pushed the whole food and agriculture industry to find different innovative solutions to improve crop yield and shorten cultivation time.
Organizations are using these innovative solutions to help farmers and other agriculture workers find more effective ways to protect their hard work from weeds and other pesticides.
3. Applications of Artificial Intelligence in Gaming
One of the best applications of artificial intelligence we can see nowadays is gaming. One of the most famous examples in this regard is DeepMind’s AI-based AlphaGo software.
This software is famous for defeating the world champion in the game of GO known as Lee Sedol.
After this victory, DeepMind created an advanced version of AlphaGo called AlphaGo Zero, which defeated the previous AI software by learning all of its moves and then some, using a large amount of supervision and data.
One of the key points of AI in gaming is that whenever you make an opponent in the game based on AI, the game becomes more exciting and harder to play. This is because the AI system learns from its mistakes every time and becomes stronger the second time.
Although this type of opponent is not welcome in the novice gameplay scenario, when it comes to pro players with a thirst for difficult challenges, AI is amazing.
4. Applications of Artificial Intelligence in Autonomous Vehicles
You might have heard of Tesla if you haven’t been living under a rock for the past few years. The company launched its self-driving cars that learn the terrain every time they get out on the road.
This has made them incredibly popular and also prompted many other companies to make their AI-based self-driving vehicles that can one day revolutionize the entire market.
These vehicles collect data using their AI brains by absorbing data from their cameras, radar, cloud services, and GPS.
Although these vehicles are operational right now, they still need some tweaking and crucial modifications that can help enable them to make rational decisions during different scenarios. When that milestone is achieved, these autonomous vehicles will indefinitely change the entire game.
5. Applications of Artificial Intelligence in Artificial Creativity
For a long time, we thought that music and art could only be created by the human mind thinking in a different space altogether from the rest.
But that’s not the case anymore because AI can even produce music and art now.
That’s right. An AI-based system known as MuseNet can produce classical music that echoes the legends like Mozart and Bach.
The way that works is that MuseNet, a deep neural network, generates a whopping 4-minute musical composition with up to 10 different instruments and can combine different music styles ranging from the Beatles to Mozart.
6. Applications of Artificial Intelligence in Marketing
Today, marketing is king. Everywhere you go, there is a business that wants the world to know how amazing it is, how perfect its products are and how accessible it is to the general public, among many other qualities. End of story.
This is where AI came in and completely changed the game.
In the early 2000s, if we wanted to buy something, we had specific stores in mind that we would visit and hope that they had the product that we desired, but nowadays, you can do that with a never-ending list of products from a never-ending list of stores around the world.
But that still seems like so much work.
So, businesses around the world embed AI in their marketing strategies. What it did is that it read the user/customer/ target. How do they like their products, how quickly they want their products delivered, and what are their general preferences when it comes to products? Things like that.
This has even evolved from THAT nowadays, and it feels like these search engines and apps are reading our minds because, in some cases, people would think of a product, and it will appear on their screens (they were probably shopping after a trip to the pantry).
But apart from the annoying ads and the psychic product listing, AI is becoming quite accurate about whenever and wherever we want something like in the case of Netflix movies, something to buy, or some other queries we want to do.
7. Applications of Artificial Intelligence in Finance
AI is also revolutionizing the financial market. Ventures have been relying on data scientists and computers for a long time, but with AI, even those computers and other resources will soon be obsolete.
That is because AI senses financial patterns like no other. The AI-embedded machines can quickly crunch a huge amount of data in a short time frame. They can also learn to observe different financial patterns from the past to predict how the marketplace will behave in the upcoming seasons.
8. Applications of Artificial Intelligence in HealthCare
When it comes to saving lives, quickly diagnosing the problem with the patient is quite an impressive feat, and AI does that phenomenally.
Different companies like Cambio Health Care have developed a support system that gives feedback to patients about having a heart attack and possibly saving their lives.
Systems like these have opened up different possibilities for AI in the healthcare industry.
This was a short guide on the applications of artificial intelligence in various real-life fields worldwide. If you think you can add something to this or if there is some relevant information regarding this blog, contact us, and we will get back to you ASAP.
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