AI Sector Overviews Articles and Reports

Retailers and financial institutions are adopting artificial intelligence and machine learning in their business to solve various business problems such as cybersecurity and document digitization. However, many of these companies are also using AI to improve their payment processes for their clients and customers. These types of applications are usually layered into an existing payments technology stack, which could include straight-through processing (STP) or robotic process automation (RPA).

Identity fraud was the number one method of fraud that affected businesses globally according to The Communications Fraud Control Association's (CFCA) Fraud Loss Survey.

Chatbots are one of the most talked-about uses of natural language processing (NLP) software in business. Some of the most common application areas for chatbots include customer service, healthcare, and financial advisory.

Robotic Process Automation (RPA) is a rule-based software solution that automates repetitive tasks without any self-learning capabilities. It is not inherently artificial intelligence. RPA vendors now offer AI-tools as add-ons to their automation platforms. This includes RPA applications in banking where some form of AI, such as computer vision or natural language processing, is a part of the automation workflow.

The insurance industry is responsible for a multitude of sensitive financial data concerning both its customer base and staff. Any breach to an insurance company's CRM or other claims database could compromise the personal data of multiple people at once, which puts the company at risk as well.

Hackers are cyberattackers are using more sophisticated methods to break into digital networks; they themselves have also started employing artificial intelligence techniques to bypass detection systems.

McKesson is a large pharmaceutical distributor that delivers health information technology, medical tools and supplies, and care management tools and software to healthcare providers in the United States. The company has been working to incorporate artificial intelligence solutions internally since 2012, but in more recent years they have adopted a few important automation tools. 

In the banking sector, supervisory organizations create and oversee the compliance rules that banks and other financial organizations need to follow. These compliance regulations are important for companies to carefully abide by, since non-compliance can potentially result in large fines or in extreme cases, even loss of banking licenses.