ai sector overviews Articles and Reports
Artificial intelligence “sector overview” reports are designed to help business leaders explore the possibilities and important AI trends across industries. Search our sector overview reports below:
Many financial institutions are experimenting with chatbots both for general customer service and for offering new and better financial services to their customers. In addition to banks and insurance companies, other types of financial services companies can benefit from this type of application as well. Financial customers can now check the status of their loan applications and stock portfolios and request refunds using AI-powered conversational interfaces.
According to Fortune, JPMorgan Chase is the largest bank in the U.S. and controls over $2 trillion in total assets. In this article, we detail the types of AI research JPMorgan is doing as well as how they are likely to be using their applied AI applications.
The military is always looking for ways to innovate its technology for weapons and vehicles, and it follows that AI and ML would become part of that work in the current decade. Currently, the Army is testing autonomous vehicles and aircraft for battlefield use. However, most AI applications for these vehicles do not have clearance to operate the weapons attached to them.
Banks and other financial institutions can be tight-lipped about how they implement AI technologies within their businesses. Citi, however, has been relatively open about their current AI initiatives. Since 2017, they have published press releases and other announcements of AI initiatives that are both internal and customer-facing.
Predictive analytics is perhaps one of the most common AI applications used by financial institutions, banks, insurance companies, and healthcare companies. This type of software allows business leaders across these industries to plan for the most probable outcomes in business areas such as credit, loans, and patient health. Predictive analytics software could make predictions about future business events based on typical company experience using historical enterprise data.
Many of the top Fortune 500 retailers have begun using AI and ML to solve business problems for various departments. Walmart and Costco share one in grocery stocking, which includes the freshness and condition of the products along with timing the restocks for peak hours.
Business process management (BPM) in banking involves the automation of operations management by identifying, modeling, analyzing, and improving business processes. Many banks already have some form of BPM for various process. For example, compliance processes at most banks tend to have some form of software automation in their workflows.