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The banking and financial sectors are among the top five applications for artificial intelligence across the globe. With India seeming to have woken up to the potential of AI, we decided to cover the developments in the Indian artificial intelligence sector. We then researched the use of AI in the Indian financial services market to better understand where AI comes into play and to answer the following questions:

A few months ago, we spoke about three rules of thumb for assessing companies and trying to figure out if they are really doing AI or just using it for marketing purposes in our How to Cut Through the Artificial Intelligence Hype piece. Since it was so popular, I was inspired to write this follow-up.

Episode Summary: In this episode of the AI in Industry podcast, we interview Sumit Borar, Senior Director of Data Sciences and Engineering at Myntra, an eCommerce site for fashion, about the current and future state of eCommerce personalization and how the way customers in India purchase products online affects that personalization. Myntra talks about the challenges of bringing dialed-in personalized recommendations to the physical world and the challenges of bringing eCommerce into the developing world.

MicKinsey estimated that by 2030, up to 15% of cars sold will be autonomous vehicles. We detailed our own timeline for self-driving cars, pooling quotes and insights from executives at the top 11 global automakers.

In 2017, Equifax’s systems were compromised by hackers, and the data of over 143 million Americans was exposed. Other incidents, such as the WannaCry and Petya ransomware scams, have highlighted the vulnerabilities in financial cybersecurity globally. According to the Global Banking and Finance Review, such cyber attacks have cost nearly USD 360 billion per year in losses for each of the last three years.

Reuters referenced an Orbis Research figure estimating the global cosmetics market to be worth around $$805.61 billion by 2023.

As of now, numerous companies claim to assist security firms, the military, and consumers prevent crime and defend their buildings, homes, and personal belongings.

The healthcare domain seems ripe for disruption by way of artificial intelligence in the form of predictive analytics. Accenture estimates the AI in healthcare market will reach $6.6 billion by 2021.

Episode Summary: This week on AI in Industry, we speak with Amir Saffari, Senior Vice President of AI at BenevolentAI, a London-based pharmaceutical company that uses machine learning to find new uses for existing drugs and new treatments for diseases.

Most AI solutions are not for small businesses, but they will be over time. I decided to put together an understanding of where AI solutions are now and how they will eventually become accessible to small businesses.