Experimenting with new technologies is now becoming a norm to smoothly perform conventional business functions and the biggest example of this trend is the usage of Artificial Intelligence by multiple industries to create frictionless user experiences. AI-based technology and solutions not only help in defending market share but it also enables companies to launch personalized innovation products for their customers. AI has also helped businesses that want to become trailblazers in their respective industries and aspire for alternative service delivery models.
Here are the 3 industries that have particularly leveraged the benefits of Artificial Intelligence in order to introduce better customer experience and harvest amazing gains.
For years, the banking industry has been greatly challenged by fintech products and specialized apps developed to facilitate online payments. Regulatory compliance was also becoming a hurdle in providing flawless user experience to the users who trusted conventional banking means. Legacy financial organizations were especially at a crossroads to either embrace tech or comply with guidelines issued by financial regulators. So now we have an AML solution for Banks that can detect financial risk attached to an incoming user. Online KYC verification services that can deter any attempt of account takeover or prevent any fraudster to open a bank account with fake identity information
Artificial Intelligence has surely generated a lot of hype when it comes to social media. Whether it is the ability of Facebook to detect every one of your friend present in a picture or the content curation algorithms of Twitter & Instagram, smartly developed features have given a huge boost to social media platforms.
Using Big data generated by billions of users on these social networking websites, useful analytical trends can be tracked using Artificial Intelligence. What topic will generate greater hype and which hashtag will create more enthusiastic debate regarding a brand? Digital marketers take great help from such data and use analytical models to design marketing campaigns targeting their specific demographic and audience.
E-commerce sales have long surpassed trillion dollar mark and the world’s wealthiest man is actually the owner of the world’s largest e-commerce businesses as well. This is no coincidence as Artificial Intelligence was used by Amazon and several of its competitors to track user behavior and then start pitching them products that they would be interested to buy in. Creating a unique user experience where retail shopping becomes hassle free has been the most innovative business model since someone came up with the idea to open a Starbucks outlet in every corner of a city street.
Delivery models and geotargeting based on the smart algorithms have even catered for another important aspect of e-commerce industry: Logistics of delivering items on time. Cashback requests have also been substantially reduced and payment frauds are being deterred with the help of fraud detection tools and document verification services that use Artificial Intelligence to detect any attempt of forging a credit card.
Apart from the above stated 3 industries, several other businesses and industries are innovating on behalf of their consumers with the help of Artificial Intelligence.