Top 10 Use-Cases of AI and Machine Learning in Fintech Industries
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Nowadays, many companies are inclined to carry out advanced machine learning solutions along with custom AI solutions to stand tall in the competitive market. Analytics is essential to improve the bottom lines so that you can increase the efficiency of your business. With machine learning and AI, it is effortless to get some comprehensive strategies for analytics that will help you to run your business successfully. With a view to that, you must include the machine learning strategies in the data structure. In this article, we will talk about ten major uses of AI and machine learning in the Fintech industry. So keep on reading.
Table of Contents
Top 10 Use-Cases of AI and Machine Learning
Here are the main uses of Artificial Intelligence and Machine Learning in Fintech industries—
For the digital transformation industry, malware comes like a big problem that is directly related to data security. According to the Kaspersky Lab report in 2017, it is said that every day they observed 360,000 malware files newly. However, Deep Instinct, an intelligent institutional firm, has reported that each of the new malware has a similar code as the earlier versions.
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The rate of changing files for different iterations is from 2 to 10%. The learning models can detect malware accurately. Also, there are some machine learning development companies that will help to access the information stored in clouds, and thus, they are able to report anomalies to indicate the breaches.
Besides data security, personal security is also paramount, so it will be better to take help from artificial intelligence services to increase your personal security. For instance, if you are taking a flight, you will have to wait for security screening. Similarly, in a public event, you may have noticed the long lines for security screening. With advanced machine learning techniques, it will be easier to reduce false alarms.
Because human screeners are not always able to detect the spot things during security screening. So hiring a machine learning solution provider will be effective for implementing machine learning in security screening at stadiums, concerts, airports, etc. to speed up the screening process and organize an event safely.
Some AI development companies are there to assist you in financial trading. A large number of traders are interested in the share market, and they keep on predicting the ups and downs of the stock market on a particular day. With machine learning strategies, it will be easier to predict closely at any time.
Proprietary systems sometimes help to execute high volume trades at high speed, so some of the foremost firms look forward to this process. Trade with high volume or high speed can generate a large amount of profit even though the probability is low. Needless to say that humans are not able to match the machines in terms of consuming a huge amount of data and execute trades at high speed.
AI and machine learning technologies have a big role to play in healthcare and digital transformation. With the algorithms of machine learning techniques, it will be easier to collect and store more data and detect more patterns that are difficult for humans. CAD is used in one study to review the mammography scans of some women who had breast cancer later, and 52% of cases are detected by the computer. If you hire AI developers, they will support you to incorporate advanced technology to identify the risk factors in a large population. Medicison is a company that has detected eight types of variables, which will be very helpful for diabetes patients.
Without understanding your customer requirements correctly, it will be challenging to meet up their demands, which may have an impact on your business. Therefore, most of companies give importance to marketing personalization. If you are looking for a digital transformation consulting company, you will be able to understand its significance clearly. Sometimes, you search for a product in online stores and finally do not buy it. But after that, you will get to see digital ads about that product whenever you look on the web. It is a very basic part of marketing personalization. Moreover, a company is able to customize the email and select the recommended product to increase the reliability to the customer.
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If you look for the best machine learning development services, you will not be worried about fraud cases. Using machine learning technologies is a very effective way to identify potential fraud cases in several fields. For example, PayPal is taking the help of machine learning to avoid money laundering cases. With advanced tools, this company can compare a huge number of transactions. Moreover, it is equipped well to understand the difference between fraudulent and legit transactions that take place between the sellers and buyers.
People who have used Netflix or Amazon must know about how this recommendation works. Most of the digital transformation companies in the USA tend to use this in which a machine learning algorithm is used to analyze your recent activity. It helps them to understand your choice about the programs or products compared to millions of users so that they can provide you with better recommendations. Thus you will get a better chance to choose a gift or a TV program for your family without much effort.
Some AI companies are working hard to improve search engine understanding. It means Google and other competitor search engines are relying on machine learning technologies for better search results. The main aim of implementing this technology is to check the results. When you search for something, Google tries to detect your response. For instance, when you click the first result and stick to it there, it will say that you have found the information you need, and that is how it becomes successful.
But if you need to go to the second result or start typing something new, it will be considered that the search engine is not able to provide exactly what you are looking for. It is how, with the help of AI development services, they are improving their mistakes and focusing on providing the most accurate results to the customers.
Natural Language Processing (NLP)
NLP is commonly found in different types of applications. The AL and ML companies support you the best to include machine learning to natural language so that the customers do not have to wait for the response, and they can get all the required information with accuracy.
It also works very effectively to translate legalese into understandable languages. Also, it is advantageous for attorneys to work with vast details when it comes to getting ready for any case.
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According to the survey of IBM, 74% of the leading auto executives are expecting that there will be a big chance to have smart cars on the road within the next five years. With the help of AI services companies, it will be possible to integrate an intelligent car with the Internet of Things. Moreover, it will help to know about the owners and the environment as well.
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Therefore, users can automatically adjust the seat position, audio, or temperatures, and it will be completely based on the drivers. The driver will not only fix the problems but also provide real-time suggestions regarding traffic conditions.
At the end
So now that you have come to know the use-cases and importance of machine learning and artificial intelligence, you should find the best machine learning solution provider who will assist you in an appropriate way to increase your business.
There is no particular way to use the use of Artificial Intelligence and machine learning, but it actually depends on the company. Different companies go for different methods. Some companies, like HubSpot, uses NLP to pitch potential customers for better services. Some other companies, such as TrademarkVison, use machine learning technology for image recognition.
Hiring a machine learning developer is always a good decision to improve your BI strategy. They will help you to make better decisions with available data. Also, you can identify the anomalies quickly, which reduces the risks of fraud cases and increases data security.
With Artificial Intelligence, some companies have come to regulate their database, where some others use it for high volume transactions. Domo’s AI is able to collect information from Facebook, Shopify, Salesforce, etc. to understand the customer requirements and sells properly. Moreover, it helps in online searching and recommendations to engage the consumers in a better way.
Machine Learning is very useful for recommendation and predictive services. You should choose the tasks so that you can measure the results. However, you must determine the objectives at the beginning.