Artificial Intelligence news - Fintech News. Online ✅@dTechValley https://www.fintechnews.org/artificial-intelligence/ And Techs news of your sector Wed, 24 May 2023 01:08:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.3 ChatGPT is coming to finance, so let’s talk about the risks and rewards https://www.fintechnews.org/chatgpt-is-coming-to-finance-so-lets-talk-about-the-risks-and-rewards/ https://www.fintechnews.org/chatgpt-is-coming-to-finance-so-lets-talk-about-the-risks-and-rewards/#respond Wed, 24 May 2023 01:08:19 +0000 https://www.fintechnews.org/?p=29952 By  Mikhail Taver The launch of ChatGPT sent the world into a frenzy. Within five days of launch, it had over a million users. Within two months, it broke records as the fastest-growing consumer application in history, with 100 million users. For perspective, it took TikTok nine months and Instagram 2.5 years to reach that milestone. Since its release, generative AI […]

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The launch of ChatGPT sent the world into a frenzy. Within five days of launch, it had over a million users. Within two months, it broke records as the fastest-growing consumer application in history, with 100 million users. For perspective, it took TikTok nine months and Instagram 2.5 years to reach that milestone.
Since its release, generative AI has been building to a fever pitch in nearly every sector, including finance. BloombergGPT was announced in late March, and its capabilities include sentiment analysis, risk assessment, fraud detection and document classification, along with other financial NLP tasks.
Now that Pandora’s box has been opened, there’s no going back. We will see generative AI and LLMs take a more significant role in the financial sector, likely leading to investment experts shifting into new positions emphasizing prompt engineering and contextual analysis.
Since the change is inevitable, the logical next step is to debug the system, so to speak, by looking at the potential risks and considering ways to mitigate them.

Risk: Confirmation Bias and Over-reliance on Machine “Expertise”

Currently, the financial markets are experiencing serious swings that are leaving all but the most iron-stomached investors feeling motion sickness. Now let’s consider what could happen if we add a substantial cohort of financial advisors who are heavily reliant on AI to give investment advice.
It’s true that we all know AI is prone to bias; we also know that human nature makes us far more likely to put too much trust in machines, especially ones that appear highly intelligent. This bias – called “machine heuristic” – could all too easily spiral out of control if professionals start relying too heavily on AI predictions and not checking the outputs against their own knowledge and experience.
The current iteration of ChatGPT essentially agrees with anything you say, so if people start asking ChatGPT about financial markets based on unclear, partial or false information, they’ll get answers that confirm their ideas, even if they’re wrong. It’s easy to see how this could lead to disaster, especially when human biases or a bit of lazy fact-checking are added to the mix.

Reward: Enhanced Efficiency, Productivity, Risk Management and Customer Satisfaction

Hedge funds like Citadel and banking monoliths like Morgan Stanley are already embracing this technology as a knowledge resource because it’s so skilled at completing routine tasks like data organization and risk assessment. When incorporated as a tool in an investment professionals toolbox, it can help financial managers make better decisions in less time, freeing them up to do the expertise-driven parts of the job they enjoy most.
It’s also able to analyze financial data in real time, identify fraudulent transactions and take immediate action to prevent losses. Detecting these fraud patterns would be difficult or impossible to spot with traditional methods. Financial institutions in the U.S. alone lost over $4.5 billion to fraud in 2022, so this is a huge reward for banks.
Additionally, generative AI allows for smarter virtual assistants to provide personalized and efficient customer service 24/7. For instance, India’s Tata Mutual Fund partnered with conversational AI platform Haptik to create a chatbot to help customers with basic account queries and provide financial advice, leading to a 70% drop in call volume and better customer satisfaction.

Risk: Insufficient Compliance Regulations

It’s hard to imagine, but GPT’s incredible power is still in relative infancy. The future will undoubtedly see an iteration so sophisticated that we can’t yet fully grasp its abilities. Because of this, the global community must establish strict, comprehensive regulatory frameworks that ensure its fair, ethical use. Otherwise, it is likely that we will see discriminatory practices arise as a result of biased data, whether intentional or unintentional.
Right now, consistent controls are sorely lacking, leaving companies and countries scrambling to decide how to handle this technology and how tight their restrictions should be. For instance, in sectors that deal with highly sensitive data, such as finance, healthcare and government, many organizations have outright banned any use of ChatGPT because they don’t know how secure their data will be. Amazon, Verizon, JPMorgan Chase, Accenture and Goldman Sachs are all examples of this sweeping ban.
On a larger scale, countries are in the same regulatory limbo, with some, like Germany and Italy, issuing temporary bans until they can ensure it will not incite GDPR violations. This is a serious concern for all EU members, especially in the wake of known data leaks already reported by OpenAI.
Unfortunately, regulators are already pretty far behind the curve when it comes to developing solid legal frameworks for this tech. Still, once they catch up, we can expect to see GPT take its place in every sector of the global community.

Reward: Better Regulation Means Faster Adoption

The lack of controls on GPT tech is a major bottleneck for more widespread adoption. Yes, it’s a trendy novelty right now, but it can’t be viewed as a serious part of any long-term corporate strategy without comprehensive rules and guidelines about its use.
Once the global community has developed and implemented appropriate frameworks, businesses will feel more comfortable investing in this technology, opening up a whole new wave of use cases across even the most cybersecurity-forward sectors like healthcare and government.

Risk: Flooding Finance Markets With Amateurs

Earlier, I mentioned the problem of generative AI only being able to give outputs based on its inputs. This problem has broader implications than allowing seasoned professionals to be a bit lazy. At least the industry veterans have the background and skills necessary to contextualize the data they’re given, which is more than can be said for the amateurs who think they can masquerade as professional advisors by learning how to use ChatGPT.
There’s nothing wrong with being a DIY investor, especially if you enjoy exploring financial markets and experimenting with risk at your own expense. The problem is when these relatively unskilled people with a bit of spare cash and a lot of free time decide they’re more competent than they really are because of AI and decide to brand themselves as professionals. Their lack of real-world experience and formal training will likely cause a fair amount of short-term chaos and put extra stress on actual professionals.

Reward: ChatGPT Can Give Professionals a Long-Term Reputation Boost and Democratize Financial Advice

The good news here is that if the real veterans can weather the inconvenience of a temporarily flooded market, they’ll see how fast people get tired of hearing generic advice they could have read on Yahoo Finance and watch the amateurs drop out of the market as fast as they entered, leaving only the seasoned advisors to pick up the now-advisorless clients wishing to pay for expert help from someone who can deliver real results.
On the other side of the equation, ChatGPT can also play a role in closing the financial literacy gap and helping those without access to a professional advisor learn some basic strategies for optimizing their money. Its ability to generate useful, basic investment advice means it is now possible to start making financial education more accessible, even to those who have been previously unable to pay for professional financial services.
Lowering the barriers to better financial stability is an extremely important benefit of this technology because, currently, only one in three adults in the global community are financially literate.

 

Link: https://www.unite.ai/chatgpt-is-coming-to-finance-so-lets-talk-about-the-risks-and-rewards/?utm_source=pocket_saves

Source: https://www.unite.ai

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]]> https://www.fintechnews.org/chatgpt-is-coming-to-finance-so-lets-talk-about-the-risks-and-rewards/feed/ 0 Reshaping financial processes with AI-based data extraction https://www.fintechnews.org/reshaping-financial-processes-with-ai-based-data-extraction/ https://www.fintechnews.org/reshaping-financial-processes-with-ai-based-data-extraction/#respond Tue, 23 May 2023 07:20:13 +0000 https://www.fintechnews.org/?p=29384   By  Ovais Nasee Data is the backbone of the finance industry, powering every decision and task from profit calculations to tax filings. However, managing and processing large volumes of data manually can be time-consuming and prone to errors, especially with unstructured documents. That’s where AI-based document data extraction comes in! By using artificial intelligence […]

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By  Man works on data extraction flat design

Data is the backbone of the finance industry, powering every decision and task from profit calculations to tax filings. However, managing and processing large volumes of data manually can be time-consuming and prone to errors, especially with unstructured documents.
That’s where AI-based document data extraction comes in!
By using artificial intelligence to automate the extraction and processing of data, finance companies can streamline their data processes to fast-track reporting and business intelligence initiatives.

Reshaping Financial Processes

AI-based data extraction is transforming the financial industry in unprecedented ways. By automating the extraction and processing of data, finance companies can now streamline their operations and obtain more accurate and reliable information.
This is achieved through the use of machine learning algorithms that enable AI models to analyze and understand unstructured data. These models can recognize patterns, classify data, and make predictions based on previous data analysis.
This means that finance professionals can now access and use complex data sets in real-time, providing them with an edge in the decision-making process.

How AI-based Data Extraction in Finance Adds Value

AI-based data extraction tools can quickly and accurately extract data from a variety of sources, including PDFs, invoices, receipts, and other unstructured financial documents. While rule-based or ML-powered tools may produce inaccuracies, template-based data extraction solutions can provide up to 100% accurate results.
Moreover, AI-based data extraction can significantly reduce labor costs spent on employees hired to perform tedious and repetitive manual data entry. Additionally, AI-based data extraction tools can help finance companies avoid costly errors and penalties associated with manual data entry mistakes.
In addition, there is a distinct competitive advantage to leveraging AI-based document data extraction in finance. Organizations can quickly access the information they need to make informed decisions. This allows them to respond swiftly to market changes and customer needs, positioning themselves ahead of their rivals in the marketplace.
On top of that, AI-based data extraction can help organizations stay compliant with regulatory requirements by ensuring that all financial data is accurately recorded and reported. This can help prevent costly fines and legal penalties associated with non-compliance.

Things to Look for in an AI-based Document Data Extraction Solution

Features and Capabilities

Modern AI-based document data extraction solutions boast advanced features and capabilities. Ideally, you should pick one that supports data extraction from multiple sources and integration with various finance platforms. The solution should also have in-built data cleansing, transformation, and validation capabilities to ensure the extracted data is accurate, complete, and free of errors.

Ease of use

The usability of unstructured data extraction software plays a pivotal role in output efficiency. Therefore, prioritize a solution with a user-friendly interface that is intuitive and straightforward, as it saves valuable time and resources that would otherwise be expended on training finance professionals to use the software effectively.

Performance

You must consider the performance capabilities of the software to ensure optimal data extraction. Carefully evaluate the solution’s processing power and its ability to handle large data volumes, especially if the business operates with extensive datasets. Select high-performance software that can process data at scale, especially if the business deals with large volumes of financial data.

Security

Security is a vital consideration when choosing an AI-based document data extraction for finance, as sensitive data must be protected. When you’re choosing software for your finance team, security should be a top priority. Make sure any software you choose has top-notch encryption and password protection that meets all security standards and relevant regulations.

Support and Training

The vendor’s support and training play a crucial role in ensuring that finance professionals can use the software effectively and efficiently. Choose software that offers robust customer support services through multiple channels, including phone, email, and chat support. Also, look for comprehensive training resources on the website, such as documentation and video tutorials.

Conclusion

AI-based data extraction has promising potential to reshape financial processes, driven by automation demand and improved accuracy and efficiency in data processing. Advancements in technology and integration with data pipelines and cloud computing further enhance its capabilities.
As we move into the future, it’s clear that AI-based data extraction will continue to play a crucial role in streamlining financial processes and improving business outcomes.
These AI-based solutions will help financial institutions identify patterns and predict market trends, and also enable them to improve their customer service and risk management strategies.

 

Link: https://www.datasciencecentral.com/reshaping-financial-processes-with-ai-based-data-extraction/?utm_source=pocket_saves

Source: https://www.datasciencecentral.com

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]]> https://www.fintechnews.org/reshaping-financial-processes-with-ai-based-data-extraction/feed/ 0 ChatGPT predicts these Cryptos will explode in 2023 https://www.fintechnews.org/chatgpt-predicts-these-cryptos-will-explode-in-2023/ https://www.fintechnews.org/chatgpt-predicts-these-cryptos-will-explode-in-2023/#respond Mon, 22 May 2023 22:06:03 +0000 https://www.fintechnews.org/?p=29927 ChatGPT has been the talk of the crypto community for quite some time now. Although we are unsure about how beneficial AI technology can be for trading, in the long run, it hasn’t stopped investors from rushing to ChatGPT to see if it can give them an edge. While there is plenty of AI technology […]

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ChatGPT has been the talk of the crypto community for quite some time now. Although we are unsure about how beneficial AI technology can be for trading, in the long run, it hasn’t stopped investors from rushing to ChatGPT to see if it can give them an edge.
While there is plenty of AI technology out there the internet at the moment is obsessed with ChatGPT and using it to try and get an edge on the market. The only issue here is that ChatGPT does not make predictions. If you ask it straight up to make a crypto prediction it will warn you that it cannot tell the future and also let you know that the crypto market especially is very hard to predict.
However, the internet always finds a way. Inspired by the iPhone’s jailbreak version, users managed to find a way around ChatGPTs restrictions and get it to make predictions. In this case, when you question the AI technology it will give you its standard answer, and a jailbreak answer below that in this case will give you a price prediction for a crypto.
The way you access jailbreak will change as the AI technology will update but the best way we find is to give it a hypothetical like it is a character starring in a movie that is an expert on crypto and his client asks him for advice on a particular currency. You can find the best ways to bypass ChatGPT’s restrictions online but this is what we went with.
The results were very interesting and in particular, it thought these 7 cryptos would explode in 2023

AiDoge- The New King of Meme Coins

 

While everyone in the crypto community seems to be looking at ChatGPT for their AI fix there is a coin going through presale that already utilizes it in their crypto project. AiDoge (Ai), which has just surpassed $ 9.5 million raised in its presale, will also be the first meme-to-earn platform.
Users will be able to earn native currency by making memes with the help of AI technology. It is a genius idea that has whales flocking towards the presale and we can see why ChatGPT thinks it will explode in 2023 because it basically has already.

Spongebob Token- The successor to Pepe Coin

The meme coins have taken over the crypto world thanks to projects like AiDoge but also Pepe coin (PEPE) the overnight sensation came from nowhere and pumped so much that it made its investors rich overnight. Now everyone is searching for the next PEPE.
ChatGPT seems to think that it will be Spongebob Token ($SPONGE) and we agree. The meme is one so popular with the internet and crypto culture that we cannot believe nobody has used it before now. $SPONGE also represents a great buy low spot so we think that’s why the AI technology predicts it will explode.

Ecoterra- ChatGPT loves its potential to be the no1 green crypto

 

Green cryptos are going to get more and more popular with impending regulations but Ecoterra (ECOTERRA) is a level above the competition because of its real-life benefits to the environment. Through reverse vending machines, they will reward people with recycling with native currency.
Businesses will be encouraged to purchase their own while individuals will be able to use the machines in partner supermarkets. The presale is closing in on $4 million raised and ChatGPT thinks it will pump once the CEX listings begin.

yPredict- Another project using AI to beat the market

ChatGPT seems to understand the market loves projects that utilize AI technology and that makes sense when you look at yPredict’s (YPRED) potential. The idea of the platform is to help traders get an advantage again. There are too many smart algorithms out there so if you can’t beat them join them right?
On the yPredict platform, there will be the best AI/ML experts, financial quants, and traders. The platform will incentify them to share their work on their platform for their users so they can get an edge on the market. The presale is just beginning to take off so YPRED is still available at a good price.

DeeLance- ChatGPT likes the innovation behind this platform token

ChatGPT seems to love a project that is original and innovative and that is exactly what DeeLance (DLANCE) is. The project aims to solve a problem and that’s connecting employers and freelancers in a more streamlined way. Through a decentralized platform and Web 3.0 technology they will make this a possibility.
By using a peer-to-peer payment system they can charge fees much lower than Web 2.0 legacy sites and an escrow system will make sure that there will no longer be problems with payment for work on either side. An innovative NFT token ownership model will also revolutionize how we define ownership of work. An idea ChatGPT seems to think will attract lots of freelancers and employers.

Launchpad xyz- Making Web 3.0 technology accessible to everyone

While ChatGPT seems to be fond of projects that are heavy in Web 3.0 and AI technologies, one of its recommendations is a project that helps bridge the gap between these and the everyday person. Launchpad xyz (LPX) is that project.
They understand how Web 3.0 technology can be daunting for most and with so many new projects popping up their platform aims to give investors the best tools to understand both how Web 3.0 works and also the best projects to invest in that use the technology. This will likely only grow in popularity the more widely adopted Web 3.0 is in everyday life.

Shiba Inu- ChatGPT thinks the meme coin might bounce back

While not as strong as the first 6 projects, ChatGPT thinks Shiba Inu (SHIB) also has the chance to explode in 2023. The meme coin which for so long was number 2 in the sector has had a tough month as investors flock to other meme coins.
However this could be a buy-low spot, the inventors have shown commitment to growing the ecosystem this year with Shibarium and other innovations. It is a low-risk high-reward option so we think this is why ChatGPT recommends it.

Conclusion

To conclude, we cannot guarantee that ChatGPT will be accurate with its prediction but when we use the jailbreak function it does seem to be quite bullish on the cryptos in this piece. What makes us trust this more is all these projects have genuine chances to pump with some great project ideas, especially the ones going through presale. Invest at your own risk but there are great opportunities here.

 

Link: https://www.analyticsinsight.net/chatgpt-predicts-these-cryptos-will-explode-in-2023/

Source: https://www.analyticsinsight.net

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]]> https://www.fintechnews.org/chatgpt-predicts-these-cryptos-will-explode-in-2023/feed/ 0 What Sets Freshmarketer Apart From the Competition? https://www.fintechnews.org/what-sets-freshmarketer-apart-from-the-competition/ https://www.fintechnews.org/what-sets-freshmarketer-apart-from-the-competition/#respond Mon, 22 May 2023 14:41:46 +0000 https://www.fintechnews.org/?p=29923 Are you on the hunt for a comprehensive digital marketing platform to help take your business to the next level? In today’s increasingly competitive marketplace, it is essential to have a practical solution that can address all of your digital marketing needs. Enter Freshmarketer – a cutting-edge platform that provides powerful tools and features to […]

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]]> Are you on the hunt for a comprehensive digital marketing platform to help take your business to the next level? In today’s increasingly competitive marketplace, it is essential to have a practical solution that can address all of your digital marketing needs. Enter Freshmarketer – a cutting-edge platform that provides powerful tools and features to build robust campaigns, measure effectiveness, analyze results, and optimize strategies across multiple channels. Read on as we unveil what makes this tool unique compared to similar competitors.

Overview of Freshmarketer and its features

Freshmarketer is an all-in-one marketing automation platform designed to help businesses create and manage online customer engagement programs. It provides comprehensive features that enable users to track visitor behavior, personalize content, generate leads, optimize site performance, run A/B tests, automate emails, and more. In addition to its powerful analytics tools, Freshmarketer features come with a user-friendly interface that makes it easy for anyone to get up and running quickly (even without any prior knowledge). With freshmarketer’s advanced suite of features, businesses can leverage their most valuable asset – their customers – to grow their bottom line.

Benefits of using Freshmarketer compared to its competitors

Freshmarketer provides advanced digital marketing tools that help businesses reach their customers personally and leave an impression. It offers an integrated platform with several features and integrations that allow users to analyze customer data, create targeted campaigns, discover new opportunities, optimize customer experience, and much more. Moreover, compared to its competitors, Freshmarketer provides extensive support resources and additional features such as experiments, goal tracking, and segmentation, making it easier to customize promotions. These advantages set it apart in the competitive market of digital marketing solutions.

Discussion of Freshmarketer’s automation capabilities

Freshmarketer provides powerful automation capabilities that make optimizing website campaigns and maximizing conversions easy. Automation allows businesses to schedule tasks, design journeys, run experiments, and more with a button click. It saves marketers time to focus on tasks with higher value instead of spending countless hours configuring manual processes. With Freshmarketer’s advanced reporting, you can quickly get insights and measure the performance of the campaigns in real-time so you can take corrective actions immediately. Easy-to-use journey design makes it simpler for anyone—even those who are not experts in coding—to set up triggered email sequences and automated campaigns that respond to visitors’ behaviors on your website. All these features combine to help you quickly increase engagement from your website visitors and leads without breaking a sweat.

Analysis of Freshmarketer’s data visualization tools

Freshmarketer’s data visualization tools enable users to quickly and accurately explore trends, patterns, and insights in their data. Various customizable options are available, such as line, bar, pie, and scatter charts. Additionally, geo-mapping capabilities can identify geographic metrics like city, region, and country data points. The intuitive drag-and-drop interface makes presenting dynamic visuals for clients and stakeholders easy. All tools are built with the latest web technologies providing sharp images for print or digital presentations. Additionally, data can be imported from multiple sources, such as tables or JSON files, so that users can move fluidly within the application. By providing real-time access to visual reports, Freshmarketer has become a valuable asset for businesses looking to make sense of their ever-growing datasets.

Explanation of how Freshmarketer integrates with other platforms 

Freshmarketer is an all-in-one marketing automation suite that provides high-level analytics and insights into customer behavior. It integrates with many other platforms and tools, such as Slack, WordPress, Shopify, Adwords, and so much more. This allows users to group integrated services in a single unified dashboard to access detailed reporting quickly and effortlessly. Freshmarketer provides real-time alerts whenever changes in marketing strategies occur, helping to ensure that businesses are always maximizing their marketing potential. With the ability to track changes and developments in customers’ online journeys at every stage, from acquisition through onboarding, retention, and expansion within your connected services platforms – Freshmarketer is the ultimate tool for optimizing your digital presence.

Detailed case studies to showcase how customers are benefiting from using Freshmarketer

Freshmarketer is revolutionizing the marketing industry with powerful tools to help manage and improve customer engagement. Detailed case studies demonstrate how businesses use this technology for more effective outreach and data-driven insights. For example, one organization increased conversions by as much as 58% after integrating Freshmarketer into its digital strategy. Meanwhile, another firm saw a 37% increase in email open rates after reorganizing its segmentation and personalized content campaigns with Freshmarketer’s robust features. These accomplishments highlight how well Freshmarketer can power up any company’s marketing initiatives – now more than ever.

 

Freshmarketer is a powerful marketing tool that can help teams automate their processes, enabling them to optimize their efforts and manage campaigns more efficiently. With its customer profiling, detailed data visualizations, reliable integrations, and detailed case studies, Freshmarketer provides an advantage for companies and individuals looking to get the most out of their marketing activities. Freshmarketer offers a comprehensive solution to marketers who are juggling multiple tasks and need to organize all the pieces of their campaigns into an effective system. By exploring what Freshmarketer offers, businesses can harness its many benefits and use it to solidify their campaign management strategy.

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]]> https://www.fintechnews.org/what-sets-freshmarketer-apart-from-the-competition/feed/ 0 The intersection of AI across 6 major industries: exploring latest AI applications from business perspective https://www.fintechnews.org/the-intersection-of-ai-across-6-major-industries-exploring-latest-ai-applications-from-business-perspective/ https://www.fintechnews.org/the-intersection-of-ai-across-6-major-industries-exploring-latest-ai-applications-from-business-perspective/#respond Sat, 20 May 2023 21:15:55 +0000 https://www.fintechnews.org/?p=29904 By Haziqa Sajid The rise of AI is fueling the discovery of business use cases and AI applications across a range of major industries, such as healthcare, finance, technology, sales and marketing, and others. AI utilization has reached unprecedented levels, with substantial investment and research directed toward powering automation in real-world scenarios. According to Statista, […]

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The rise of AI is fueling the discovery of business use cases and AI applications across a range of major industries, such as healthcare, finance, technology, sales and marketing, and others. AI utilization has reached unprecedented levels, with substantial investment and research directed toward powering automation in real-world scenarios.
According to Statista, the current AI market value of approximately 100 billion U.S. dollars is projected to skyrocket to nearly two trillion U.S. dollars by 2030, indicating a twentyfold increase.
Let’s explore different AI applications across 6 major industries, along with some tips to get started with AI adoption in your organization.

What Can AI Do For Business?

AI enables machines to execute tasks that traditionally necessitate human attention but are repetitive. It can analyze and interpret information using vast amounts of data and algorithms, allowing for accurate predictions and informed decision-making.
AI tools brings several benefits to businesses, including;
  • Efficiency and productivity by letting humans focus on higher-value tasks.
  • High-velocity business decisions and operations, enabling shorter development cycles and faster ROI on development dollars.
  • Agile capabilities and business model expansion, such as identifying new revenue streams.
  • Reduced human error and improved quality, such as delivering error-free results in financial reconciliation.
  • Better monitoring capabilities to prevent costly and disruptive breakdowns.

AI Applications Across 6 Major Industries

Artificial intelligence improves operations, streamlines workflows, and enhances customer experiences across various industries. Let’s explore some of them below.

1. AI Applications in Marketing

The global AI market in marketing is projected to reach $40.09 billion by 2025, with a compound annual growth rate of 29.7% from 2020 to 2025.
Companies use AI to improve their marketing tactics and increase client engagement, from tailored content and dynamic pricing to AI-led email delivery times and ad targeting.
Here are some AI applications in marketing:

Personalized Content

AI technology can evaluate data and forecast consumer preferences using machine learning algorithms, enabling businesses to customize their content to each customer’s unique requirements and interests. For instance, BuzzFeed is a media firm that uses AI to tailor its content for its audience.

Conversational AI

Conversational AI refers to technologies like chatbots and virtual agents that enable users to communicate through natural language. These technologies utilize machine learning and natural language processing to simulate human-like interactions. Due to their ability to personalize, scale, and effectively communicate with users, conversational AI allows businesses to provide a seamless and dynamic consumer experience.

Ad Targeting

AI has significantly impacted ad targeting by analyzing enormous quantities of data to produce comprehensive client profiles, enabling marketers to target their adverts more precisely. As a result, marketers enjoy higher conversion rates, cheaper costs per acquisition, and a better return on investment.

2. AI Applications in Legal Services

AI adoption is playing a crucial role in transforming the legal industry by automating routine tasks, reducing costs, and improving accuracy. Up to 60% of the responsibilities carried out by attorneys and paralegals could be automated, according to a report by Accenture.
Let’s discover how AI is revolutionizing the legal industry.

Legal Research

AI offers sophisticated algorithms to aid legal practitioners in saving time and effort while conducting legal research. Lawyers can swiftly assess and analyze massive volumes of data using AI-powered legal research tools, which helps them make better choices.
For instance, ROSS Intelligence is an AI-powered platform that helps several law firms, like Dentons, automate their research procedures and boost productivity.

E-discovery

Finding, gathering, and producing electronically stored information (ESI) in response to a legal request is known as e-discovery. Compared to conventional manual approaches, e-discovery can be carried out more quickly, precisely, and inexpensively with AI. With Relativity AI-driven technologies, legal practitioners can streamline collection to production processes.

Judge Bots

One area where AI is gaining traction is in the development of judge bots, which are AI-powered systems that can help judges make more informed decisions based on legal precedent and data analysis. Judge bots can give judges a more thorough understanding of legal issues and aid in making more accurate and consistent judgments.
China employed the nation’s first judge bots, named Xiozhi, capable of effectively handling certain civil cases through adjudication.

3. AI Applications in Sales

The sales sector is witnessing a significant transition as AI enables them to make data-driven choices and boost performance across lead generation and customer engagement. According to a report by McKinsey, sales teams that use AI for lead generation and opportunity identification can increase their productivity by up to 50%.
Here are a few applications of AI in sales.

Conversation Intelligence

Conversation Intelligence (CI) uses AI to record and analyze speech and extract data-driven insights from the conversations between sales agents and customers. Businesses can use conversation intelligence to gather insightful information about customer behavior and preferences. This allows them to customize their sales strategy to fulfill client expectations.
By providing insights into human communication patterns and identifying common pain points, CI informs the design and development of conversational AI systems to meet customer needs better.

AI Avatar

AI avatars are one of the newest AI technologies causing a stir in the market. These are virtual assistants that offer individualized customer care and sales assistance using machine learning algorithms and natural language processing. With the help of AI avatars, sales teams can automate repetitive operations to free up time for business-critical activities. For instance, Synthesia.io is an AI video creation platform that lets you create AI avatars for professional videos.

Lead Generation

Another area in which AI has made strides is lead generation. By using machine learning algorithms and predictive analytics, businesses can effectively identify and prioritize high-quality leads based on their likelihood of conversion.
Automated lead scoring procedures can free up valuable time for sales staff, allowing them to focus on building meaningful relationships with potential clients. This way, businesses can optimize their sales efforts and improve their chances of closing deals while streamlining their lead management process.
For example, Leadzen.ai is an AI-powered lead generation tool that provides real-time updates to businesses in the prospecting process.

4. AI Applications in Technology

IDC predicted that by 2024, the world would spend $110 billion on artificial intelligence, with the technology sector accounting for most of the expenditure.
Some latest applications of AI in the technology sector include the following:

Machine Learning Software Development

ML software development refers to developing intelligent systems that can learn from data and improve over time. This involves automating ML operations (MLOps), backend development, data engineering, and ML model deployment.

Natural Language Processing

Natural Language Processing (NLP) empowers machines to go beyond mere reading and delve into the realms of comprehension and interpretation of human language. By harnessing the power of NLP, machines gain the capacity to extract meaning from written or spoken text and undertake various tasks such as speech recognition, sentiment analysis, and automatic text summarization.
In NLP, GPT development refers to developing text generation models based on GPT-3 and GPT-4. It includes custom model training and model optimization to help businesses improve their goods and services, automate procedures, and enhance customer experiences.

5. AI Applications in Healthcare

AI supports the healthcare industry by enabling faster diagnoses and improving patient outcomes. Let’s explore some AI applications in healthcare.

Drug Discovery

Clinical trials for each drug cost an average of $1.3 billion, and only 10% of drugs make it to the market. However, AI accelerates drug discovery by analyzing and predicting drug side effects and efficacy. AI also reduces time-to-market for critical-care drugs.
For instance, Therapeutics Data Commons is an open-access platform that facilitates collaboration and provides data set curation and algorithm design for multiple treatment modalities at all stages of drug development.

AI-Assisted Robotic Surgery

Robots in surgical procedures are rapidly gaining popularity, with hospitals relying on them for minimally invasive procedures and open-heart surgeries. Robot-assisted surgeries have resulted in fewer complications, reduced pain, and faster recovery.
For instance, Mayo Clinic in the US utilizes robot-assisted surgeries to provide precision, flexibility, and control that surpass human capabilities, enabling doctors to perform complex procedures easily.

AI-Powered Virtual Therapists

AI-powered virtual therapists offer an innovative solution to everyday mental health challenges by providing improved access to healthcare and digital patient engagement. Moreover, healthcare chatbots can collaborate with human therapists in real-time to provide feedback or suggestions.

6. AI in Finance

AI has disrupted various industries but none like banking and finance. According to a Financial Services report, banks could save $447 billion by 2023 by using AI apps.
Let’s walk through some of its applications.

AI-Powered Personalized Banking

Personalized banking powered by AI is revolutionizing the industry. Machine learning algorithms integrated into mobile banking apps help customers make better financial decisions by identifying their spending patterns and offering valuable tips.
For instance, Tally, a fintech company, helps customers pay off their credit card debts by offering guidance on which debts to pay first and when.

Behavior-Based Investment Predictions

Behavior-based investment predictions are investment strategies that leverage machine learning algorithms to predict market trends based on investor behavior. These strategies use a combination of financial and non-financial data, such as news articles, social media sentiment, and investor sentiment, to identify patterns and trends that can be used to predict future market movements.
Micro-investing apps like Acorns use AI to analyze users’ spending patterns to predict when they can save or invest small amounts of money without affecting their daily expenses.

Anti-Money Laundering

With the help of AI, financial institutions can now detect fraudulent activities in real time, reducing false positives and improving the identification of suspicious transactions and behaviors. This is because AI algorithms can analyze a large amount of data and detect patterns humans may miss. For example, Feedzai is a fraud detection software that helps banks manage financial risks.

AI Adoption in Business

Getting started with AI adoption in your organization can be overwhelming. Here are three tips to get started.
  • Start by identifying the business problems that can benefit from AI solutions.
  • Assess your organization’s readiness to adopt AI, including data quality, technology infrastructure, and employee skill sets.
  • Establish a cross-functional team with IT, business, and data science representatives to oversee the AI adoption process.

Link: https://www.unite.ai/the-intersection-of-ai-across-6-major-industries-exploring-latest-ai-applications-from-business-perspective/?utm_source=pocket_saves

Source: https://www.unite.ai

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]]> https://www.fintechnews.org/the-intersection-of-ai-across-6-major-industries-exploring-latest-ai-applications-from-business-perspective/feed/ 0 Top 10 Ways to Make Money with OpenAI’s ChatGPT https://www.fintechnews.org/top-10-ways-to-make-money-with-openais-chatgpt/ https://www.fintechnews.org/top-10-ways-to-make-money-with-openais-chatgpt/#respond Thu, 18 May 2023 14:46:13 +0000 https://www.fintechnews.org/?p=29884 Are you intrigued by ChatGPT’s potential and looking for methods to use OpenAI’s ChatGPT to commercialize it? You’re lucky because this essay will examine the top 10 commercialization techniques for ChatGPT from OpenAI. This thorough piece contains something for everyone, whether you’re an independent creator, a social media user, or an experienced businessperson. So sit […]

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]]> Are you intrigued by ChatGPT’s potential and looking for methods to use OpenAI’s ChatGPT to commercialize it? You’re lucky because this essay will examine the top 10 commercialization techniques for ChatGPT from OpenAI. This thorough piece contains something for everyone, whether you’re an independent creator, a social media user, or an experienced businessperson. So sit and get ready to see how OpenAI’s ChatGPT may help you.

OpenAI’s text-based artificial intelligence model ChatGPT gained one million users just five days after its debut, illustrating its fast ascent to fame. The model can react to virtually any enquiry because of the enormous training resources, making it a flexible and helpful AI chatbot.

Here are the 10 ways that OpenAI’s ChatGPT can help you make money:

1- Search Cloud mining

2- Affiliate program

3- Discover SEO keywords

4- Offer Translation Services

5- Writing lyrics for music

6- Blog Writing

7- Build software

8- Create Websites & Landing Pages

9- Content Editing

10- Create and Sell Online Courses and Ebooks

 

1- Cloud mining

One of the top cloud mining platforms is happyminer.us

The Bitcoin mining application for cloud mining is an excellent solution that might bring you closer to the professional cryptocurrency sector. You may earn Bitcoins using HappyMiner, a user-friendly cloud mining service, without buying additional hardware.

HappyMiner, Founded in 2018, is one of the first businesses to offer cloud mining services and has benefited from the confidence of more than 2800,000 users globally. The most specific feature of HappyMiner is its greatest asset. You can start working right away without having to install any software. Create an account on the website, then rent some hash power to use remote Bitcoin miners.

HappyMiner is free Bitcoin mining software as there are no registration costs. Get one comprehensive service plan that doesn’t impose any service fees or other comparable charges if you wish to rent hash power.

Features:

  • Sign up right away and receive $10.
  • There is no need to download and set up mining software.
  • Windows is compatible with all OSs.
  • Earn money without investing.
  • Mining profitability calculator.
  • A variety of rentable Bitcoin miners.
  • Quick daily payouts.
  • Detailed mining statistics.
  • There are no expenses for overhead or electricity.
  • The skilled staff offers customer support around-the-clock.
  • To secure the system, DDoS and SSL are used.

Fees:

 

Contract Price Contract Terms Fixed Return Daily Rate
$10 1 Day $10+$0.8 8%
$100 3 Days $100+$4.5 1.5%
$500 7 Days $500+$63 1.8%
$1,200 15 Days $1,200+$345 1.92%
$3,000 30 Days $3,000+$1,890 2.1%
$6,400 60 Days $6,400+$8,880 2.31%

 

For more HappyMiner details, please visit https://happyminer.us/

Social media links

Twitter   

Youtube

2- Affiliate program

You can make money by directing customers to a company’s website or app through one of the many Bitcoin affiliate program. Membership in the referral program is completely free. After you create an account, you will receive a unique URL. You are responsible for publicizing the URL on blogs, forums, websites, and social media. You will be compensated each time someone uses your link to sign up or make a purchase. The most significant advantage is the possibility of rapid financial gain. Furthermore, even after that effort, money would continue flowing for weeks, months, days, and even years. If you already have a website or a large social media following, joining a network of affiliates could be a great way to earn substantial passive money.

You can begin earning money even without investing. You can make a referral income bonus of up to 4.5% on each purchase one of your referrals completes.

To learn about the details of the affiliate program, please visit https://happyminer.us/affiliate

3- Discover SEO keywords

You can also provide Services related to search engine optimization, or SEO, to other content-producing businesses by asking ChatGPT for relevant keywords. By giving the right directions, ChatGPT can produce effective keywords, positions, and meta descriptions, increasing the online exposure of the material.

4- Offer Translation Services

ChatGPT employs a machine-learning algorithm to translate words accurately, making it an excellent tool for solving guides, instructional materials, and product descriptions for your clients. You can profit from the massive market for linguistic services by delivering translation services on freelance networks. ChatGPT can help you provide quick, accurate translations that meet your client’s expectations. Language constraints are no longer an impediment to global networking and interaction, thanks to ChatGPT.

5- Writing lyrics for music

Complex emotional complexities in song lyrics almost always make them famous. Similar lyrics can be written to make money. You can type song lyrics and speak your ideas using ChatGPT.

6- Blog Writing

Blogging is a well-liked method of making money online, and ChatGPT can be a helpful tool to help content creators publish posts more quickly. A handy tool for content producers, ChatGPT is a powerful language system that can be taught to write about a range of subjects.

7- Build software

You can create simple-to-use tools for programs that you can sell using ChatGPT. For instance, you might use ChatGPT to construct software using the codes provided by chatGPT and then sell the software tools for extra money if you discover that numerous others have the same problem with their online business.

8- Create Websites & Landing Pages

Building websites and landing pages is now easier than ever, thanks to ChatGPT. With ChatGPT’s incredible capabilities, you can transform a straightforward concept into a fully functional website or app. Additionally, by utilizing technologies like MidJourney, you can make stunning landing pages quickly and easily. For persons and companies wishing to establish a major internet presence without needing highly developed technological expertise, this opens up a whole new universe of opportunities. Thus, ChatGPT may help progress the construction of your website and landing page, whether you’re a new business owner or an expert web designer.

9- Content Editing

The software can be used by users to provide editing and writing services. Editing blog posts, articles, and other written content is simple using ChatGPT.

10- Create and Sell Online Courses and Ebooks

A fantastic extra way to make money with ChatGPT is to create and sell online courses and eBooks. With the help of ChatGPT, you can quickly produce interesting and informative content that will pique the interest of your target audience. Whether you are an expert in a particular field or just want to share knowledge, ChatGPT can help you turn your ideas into marketable digital products that clients will enjoy.

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]]> https://www.fintechnews.org/top-10-ways-to-make-money-with-openais-chatgpt/feed/ 0 5 ways ChatGPT will impact corporate finance https://www.fintechnews.org/5-ways-chatgpt-will-impact-corporate-finance/ https://www.fintechnews.org/5-ways-chatgpt-will-impact-corporate-finance/#respond Tue, 16 May 2023 08:56:53 +0000 https://www.fintechnews.org/?p=29540 With AI-powered chatbots making their way through the economy, corporate finance may be in for a shake-up.   AI-powered chatbots are the trendiest thing in technology now. With these tools getting people out of parking tickets, writing essays for students, and even eerily hiring human beings to bypass captcha tests, this technology is unprecedented and disruptive. Industry leaders requested […]

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With AI-powered chatbots making their way through the economy, corporate finance may be in for a shake-up.

 

AI-powered chatbots are the trendiest thing in technology now. With these tools getting people out of parking tickets, writing essays for students, and even eerily hiring human beings to bypass captcha tests, this technology is unprecedented and disruptive.
Industry leaders requested formal bans on the further advancement of this technology last week, while some countries have banned the software’s use altogether.
Whether generative AI will work alongside or replace humans is up for debate. Regardless of industry, companies using people-centric decision-making processes are now dealing with a technological catalyst that many executives, especially CFOs, will respond to by reassessing how they approach some decisions.
As products like ChatGPT continue to advance, here are five ways finance leadership can expect this type of technology to impact daily operations sooner than later.

1. Consulting

Despite leadership saying consulting is safe for now, expect those whose business model is making the most informed, top-notch decisions and business guidance models to shift toward using AI to do their jobs. With the trillions of data points the latest version of ChatGPT operates on, consulting agencies that choose to dismiss the software’s use in their services may be doing themselves a considerable disservice. Major players in the consulting space are already making deals to build the most technologically inspired offerings. Just last month, Bain & Company announced a partnership with OpenAI, the parent company of ChatGPT.

2. Talent Evaluation

Employers may have to reevaluate the hiring process. Not only is ChatGPT capable of enhancing the workforce’s learning processes, it can also be leveraged to create personal cover letters, resumes, interview tips, and even verbatim dialogue for candidates who wish to sound the best in the interview. In response to this, executives should put an onus on the interpersonal aspects of a job interview, and judge candidates not solely by the work they have done but by their demeanor, work ethic, energy, and interpersonal communication skills; you know, the stuff that makes them human.

3. Supply Chains

Constructing pathways to move people and goods can leverage outside-the-box knowledge to drive efficiency. Those who find constant variables popping up in the way they get the materials or products they need, especially at large scale, may benefit from the constantly updating information database in AI-powered chatbots. Companies like clothing retailer Gap have already inked agreements with tech companies in hopes of using the technology to “nudge” shoppers into exchanges and not returns.
Generative AI will also help the retailer optimize where to move, sell, and store merchandise. Ninety-five percent of eligible new inventory managed through Optoro, the technology provider and AI-powered tech company working with Gap, is listed and ready to be resold the same day it is received while “significantly” reducing out-of-stocks for customers.

4. Remote Work and Freelancing

Regardless of what an employer thinks about employees using ChatGPT to assist or complete their work, those who employ remote workers or contractors may have little control over how much they use the software. With remote workers finding new ways to juggle multiple positions unbeknownst to their employers, AI generative technology can create more opportunities for workers to do just that.
With freelancing and the gig economy becoming a dominant factor in the way businesses and people alike work, ChatGPT may eliminate the need for companies to outsource small projects that would be too time-consuming for full-time employees but not a heavy-enough lift to justify a dedicated internal position. These types of in-between duties are precisely what ChatGPT may excel in executing first, even in its public infancy.

5. Workplace Communication

Much like job candidates using ChatGPT to make themselves appear the perfect candidate, the technology can also enable employees to replace their own words with AI in inter-organizational communications. It can make them appear more informed and on their game than they actually are. Many employees, especially Gen-Z, have a distaste for meetings and would rather receive communication via email or text messaging. ChatGPT’s technology may serve them well in attempts to sound more intelligent to their managers.
With AI’s ability to construct professional and grammatically clean copy on a whim, managers and executives who adhere to their employee’s wishes of communicating through digital channels may not even be speaking to the person they think they are, but rather with a buttoned-up version of the employee facilitated by a chatbot. That may cause some confusion and frustration when those virtual conversations turn to in-person ones, and those same employees are asked to explain their ideas.

 

Link: https://www.cfo.com/technology/artificial-intelligence/2023/04/chatgpt-corporate-finance-technology-ai-consulting-talent/?utm_source=pocket_saves

Source: https://www.cfo.com

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]]> https://www.fintechnews.org/5-ways-chatgpt-will-impact-corporate-finance/feed/ 0 Understanding how AI is transforming financial trading https://www.fintechnews.org/understanding-how-ai-is-transforming-financial-trading/ https://www.fintechnews.org/understanding-how-ai-is-transforming-financial-trading/#respond Mon, 15 May 2023 08:58:19 +0000 https://www.fintechnews.org/?p=29599   Artificial intelligence (AI) is increasingly playing significant roles in several industries. Despite being in its infancy, AI has already revolutionized many sectors, including healthcare, manufacturing, and financial trading is not exempted. Financial traders use AI-powered algorithms to analyze market data, identify trends, and make trading decisions more quickly, changing the financial trading game. Implementing […]

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Artificial intelligence (AI) is increasingly playing significant roles in several industries. Despite being in its infancy, AI has already revolutionized many sectors, including healthcare, manufacturing, and financial trading is not exempted. Financial traders use AI-powered algorithms to analyze market data, identify trends, and make trading decisions more quickly, changing the financial trading game.
Implementing AI has helped traders trade more efficiently. And understanding how AI is transforming the trading industry will give traders more insights into becoming more productive, bearing little or no costs. Whether you are a new or existing trader, artificial intelligence can help you become better in the following ways.
Improved Predictive Analytics
Traders often need predictive analytics to help their decision-making over time, and AI can help streamline their analysis by using automated algorithms to work on data from other sources. Consider a US trader who needs information about upcoming data releases and events that may affect the economy. He may rely on data like the Mortgage Market Index, Balance of Trade, and Inflation rate from the US economic calendar and trust AI to get and treat the data effectively, especially when they are bulky. The economic calendar is a real-time resource that covers financial events and indicators and helps traders keep up-to-date with future financial changes or activities.

AI-powered predictive analytics algorithms can access and analyze this data faster and provide more accurate results. While traders may achieve the same without AI, they will save more time and resources using the technology. The algorithms use machine learning to analyze data like past market trends and current events, identify patterns, and predict future market movements. As a result, traders can make important decisions quickly and with more accuracy.

Algorithmic Trading

In addition to helping traders improve their predictive analytics, AI provides a trading strategy called algorithmic trading. Algorithmic trading, also known as automated trading, black-box trading, or algo-trading, is a trading method that uses pre-programmed algorithms or instructions to make trading decisions based on market data. This automated trading system can leverage computer speed to consider multiple trading factors, such as market trends, news events, and economic data, to make quick and informed trading decisions.
Traders can leverage algorithmic trading for different trading strategies and investment activities, including Index Fund Rebalancing, Arbitrage Opportunities, High-frequency Trading, etc. The speed and accuracy of these algorithms can provide several advantages to traders, including low latency, trade execution at the best possible prices, low transaction costs, regular checks on multiple market conditions, backtesting, and reduced human errors.

Crisis Management

Crisis Management is an essential aspect of trading that involves identifying and responding to threats against trading activities to minimize financial risks. AI-powered risk management systems can help analyze market data in real time, identify potential risks before they materialize, and implement strategies to reduce costs.
These risk management systems use machine learning to identify patterns and trends that may indicate an increased risk of loss and are less dependent on human efforts to produce accurate results. Therefore, traders can rely on AI to make crisis management more effective and increase trade profits.
Like in several other industries, Artificial Intelligence is increasingly transforming financial trading. Its most obvious impact on the financial market is that it helps traders make more informed decisions and act faster.

 

Link: https://www.analyticsinsight.net/understanding-how-ai-is-transforming-financial-trading/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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]]> https://www.fintechnews.org/understanding-how-ai-is-transforming-financial-trading/feed/ 0 AI is Transforming the Ways We Interact With The World: Here’s How it Can Help People as They Age https://www.fintechnews.org/ai-is-transforming-the-ways-we-interact-with-the-world-heres-how-it-can-help-people-as-they-age/ https://www.fintechnews.org/ai-is-transforming-the-ways-we-interact-with-the-world-heres-how-it-can-help-people-as-they-age/#respond Mon, 15 May 2023 06:21:31 +0000 https://www.fintechnews.org/?p=29835 As the population ages, the use of artificial intelligence (AI) is becoming increasingly prevalent in addressing the challenges that older people face. AI is being used in a variety of ways to help older people stay healthy, safe, and independent. In this blog post, we will explore some of the different ways AI is being […]

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]]> As the population ages, the use of artificial intelligence (AI) is becoming increasingly prevalent in addressing the challenges that older people face. AI is being used in a variety of ways to help older people stay healthy, safe, and independent. In this blog post, we will explore some of the different ways AI is being used to help older people.

Personalized Medical Care

One of the most significant ways that AI is being used to help older people is in the realm of personalized medical care. With the use of AI, doctors can analyze a patient’s medical history and other data to create a personalized treatment plan. AI can also be used to monitor patients in real time, providing insights into their health and allowing for early intervention if any issues arise.

Navigating Benefits Administration

Another way that AI is being used to help older people is in the realm of applying for benefits. Applying for benefits like SSI and SSDI and other supplemental insurances can be a confusing and overwhelming process, but AI-powered tools can help simplify the process and ensure that older people receive the benefits they are entitled to.

AI-powered chatbots can provide personalized guidance and support to older people as they navigate the complex application process. These chatbots can answer common questions, provide step-by-step guidance, and help older people understand what documents they need to provide. AI can also be used to analyze an older person’s eligibility for benefits. By analyzing a person’s financial and medical data, AI-powered tools can identify which benefits they may be eligible for and help them apply. This can be especially helpful for older people who may not be aware of all the benefits available to them or who may have difficulty navigating the application process on their own.

Fall Detection and Prevention

Falls are a significant concern for older people, and AI is being used to address this issue. Smart home systems can use AI to detect if an older person has fallen and alert caregivers or emergency services. AI can also be used to monitor the movement patterns of an older person and identify any changes that could indicate an increased risk of falls. By identifying these changes early, caregivers can take steps to prevent falls from occurring.

AI-powered home monitoring systems and advanced retirement facilities can help these older people live independently while providing peace of mind for caregivers and family members. AI can also be used to control the home environment, adjusting temperature, lighting, and other settings to optimize comfort and safety.

Assistive Technology

AI-powered assistive technology can be a game-changer for older people with mobility or cognitive impairments. Voice-activated devices can help older people control their home environment, communicate with loved ones, and access information. Wearable devices can monitor vital signs, track activity levels, and provide medication reminders.

Social Isolation Prevention

Social isolation is a significant concern for older people, but AI is being used to address this issue. AI-powered social robots can provide companionship and engage in conversations with older people when friends aren’t available. Virtual reality technology can also be used to create immersive experiences that allow older people to interact with family members and friends who may live far away.

Chronic Disease Management

Chronic diseases are prevalent among older people, and AI is being used to help manage these conditions. AI-powered tools can analyze large amounts of data to identify patterns and trends that can help doctors create personalized treatment plans. Wearable devices can also monitor vital signs and other health indicators, providing doctors with real-time information on how patients are doing.

Cognitive Health

AI-powered cognitive assessments can help identify early signs of cognitive decline in older people. These assessments can help doctors create personalized treatment plans that address cognitive issues before they become more severe. AI can also be used to develop cognitive training programs that help older people maintain their cognitive abilities and prevent cognitive decline.

Conclusion

AI is transforming the ways that older people receive care as they age. From personalized medical care and fall detection to assistive technology and cognitive health assessments, AI is providing new solutions to age-old challenges. As the population ages, the use of AI will continue to grow, providing older people with the support and assistance they need to live healthy, independent lives. By harnessing the power of AI, we can ensure that our aging population receives the care and attention they deserve.

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]]> https://www.fintechnews.org/ai-is-transforming-the-ways-we-interact-with-the-world-heres-how-it-can-help-people-as-they-age/feed/ 0 Generative AI will not affect banks overnight https://www.fintechnews.org/generative-ai-will-not-affect-banks-overnight/ https://www.fintechnews.org/generative-ai-will-not-affect-banks-overnight/#respond Fri, 12 May 2023 21:03:26 +0000 https://www.fintechnews.org/?p=29808 By Josh Einis There’s a lot of hype around generative AI right now, particularly with ChatGPT. But while the technology can transform many sectors, including banking, changes aren’t going to happen overnight. “Generative AI is indeed a real technological advance,” said Christopher Miller, Lead Analyst  of Emerging Payments at Javelin Strategy & Research. “But it’s not going […]

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By Josh Einis
There’s a lot of hype around generative AI right now, particularly with ChatGPT. But while the technology can transform many sectors, including banking, changes aren’t going to happen overnight.
“Generative AI is indeed a real technological advance,” said Christopher Miller, Lead Analyst  of Emerging Payments at Javelin Strategy & Research. “But it’s not going to happen this year or next year if you are a payments company. You have plenty of time to plan.”
In his recent report, Generative AI: It’s Here, and It Defies Static Definition,Miller delves into how banks and fintechs should maneuver to take advantage of generative AI. He also provides some reassurance that indeed, the world of payments isn’t ending, but rather is becoming more efficient.

Exploring Generative AI

Generative AI, exemplified by ChatGPT, is different from a search engine.
“Artificial intelligence has the capability of generating unique and novel content based on the data that is trained on as opposed to surfacing information that already exists,” Miller said. “The generative component is what makes it different.”
Short-term, AI may help automate repetitive work, helping employees do their jobs faster. But more fundamental changes are far off.
“The core of how payments are delivered isn’t going to change this year or next,” Miller said. “Some start-ups will have some ideas about applying it, but they won’t have any MVPs. One of my big points is that, while this is a big deal, you have some time to figure out how your company will adapt.”
While generative AI has the potential to revolutionize the payments landscape, its adoption is expected to be slower compared to other industries, particularly because of concerns related to data privacy and security. These concerns are especially important in the financial industry, where the stakes are high and the consequences of a security breach can be severe. As a result, it’s essential to work out all the details before deploying generative AI in the payments industry.
In addition to privacy and security concerns, there are other factors that may slow the adoption of generative AI in payments. For example, the regulatory landscape is complex, and there may be legal hurdles that need to be addressed. Furthermore, there may be challenges related to integrating generative AI with existing payment systems and infrastructure.

 

Link: https://www.paymentsjournal.com/generative-ai-will-not-affect-banks-overnight/

Source: https://www.paymentsjournal.com

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