The significance of artificial intelligence in our modern world cannot be overstated. It has become the bedrock upon which many industries and innovations rest. From healthcare, finance and education to entertainment and autonomous vehicles, the impact of AI in these areas has been nothing but revolutionary.
This feature, written by Franklin Okeke for TechRepublic Premium, sheds light on the most notable use cases of AI, challenges and ethical concerns surrounding AI adoption and what the future holds for the technology.
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8. FINANCIAL SERVICES
AI is used in finance to optimize credit scoring, enhance regulatory compliance and provide valuable customer insights. An example of an AI tool used for this is the FICO Score, which leverages machine learning algorithms to analyze an individual’s credit history and payment behavior. By doing so, it provides a more comprehensive and accurate assessment of creditworthiness.
AI-powered analytics tools can also help examine customer data, transaction history and behavior patterns to identify trends and preferences. For example, they can recommend personalized financial products or investment strategies, which can enhance customer experience and boost cross-selling opportunities
Additionally, AI’s influence on financial services extends to algorithmic trading platforms like MetaTrader and AlgoTrader. These platforms process large volumes of data and adapt to market dynamics in real time to predict market trends and execute high-frequency trades.
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TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing, research and design.
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