Last April 2023, Chinese multinational tech giant Alibaba publicly unveiled its AI (artificial intelligence) model, which will be launched and integrated into its existing offerings, like its digital workspace and voice assistant applications. This development further highlights the amplifying global AI race, as evidenced by the emergence of popular platforms like OpenAI's ChatGPT.
With generative AI and cloud computing applications trending, many businesses across several important industries are quickly recognizing the value that such technology provides. In 2023 and beyond, AI and related tools are expected to significantly transform and positively impact service offerings for finance, healthcare, and retail professionals.
Artificial Intelligence in Banking
Due mainly to advancements made in financial technology (fintech), several players in banking integrated artificial intelligence into their service offerings. Last March 2023, the major multinational firm HSBC launched an AI-driven product for its private banking clients in the Asia market. Officially called the AI Powered Global Opportunities 8 (AiGO8), this multi-asset investment solution provides clients meaningful investment insight, thus helping its users create a diversified investment strategy across global markets.
From a broader perspective, artificial intelligence possesses the ability to scale industry growth as it provides instant value to how professionals function on a day-to-day basis.
For instance, AI's ability to process high volumes of data can be applied to professionals specializing in lending and fraud detection or securities. Via machine learning, AI tools can quickly recognize consumer transaction data patterns. Depending on how the AI is designed, AI can determine a borrower's creditworthiness or even identify suspicious and fraudulent transactions. Deploying AI solutions in banking significantly improves the overall customer experience and professionals' efficiency, ultimately contributing to the finance industry's short- and long-term success.
AI Applications in Healthcare
Similarly, AI in healthcare can be integrated into several processes that reduce the overall workload of healthcare professionals, thus increasing efficiency and minimizing costs in the long term.
Some examples include AI integration into virtual assistants and bots designed to interact with patients and assist in secretarial tasks like patient letters that detail symptoms, illness classification, post-recovery care, etc. The activation of AI-driven solutions will significantly benefit the performance of healthcare professionals and, in addition, set a new standard for customer service for the industry at large.
Moreover, AI, combined with machine learning algorithms, has accelerated a drug's development process, effectively shortening the extensive analysis a drug must undergo to reach the market. While the deployment of AI in the development process of drugs is limited as it cannot identify details such as potential side effects, it is still a valuable tool as the research and development process is significantly shortened.
The statistics reveal that AI will likely continue to trend as healthcare proponents become more comfortable making investments to integrate tech. In 2021, the total value of AI in the healthcare market reached 11 billion USD globally. By 2030, its value is set to increase to approximately 188 billion USD, exhibiting a CAGR of 37% from 2022 to 2030. In the coming years, stakeholders should expect an increased collaboration between tech companies specializing in AI and healthcare players.
The Retail Industry and Artificial Intelligence
Due to the dynamic nature of AI and how flexible its application can be depending on design, retailers also stand to benefit significantly.
Adopting AI-driven solutions can provide several competitive advantages for retailers. For example, AI applications can personalize a consumer's experience, quickly becoming a determining factor among shoppers. Other ways that AI can be utilized in the retail industry include, but are not limited to, the following:
- Inventory management: AI algorithms can evaluate market trends, historical sales data, and other elements to improve inventory management. This aids retailers in reducing excess inventory, minimizing stockouts, and enhancing overall supply chain effectiveness.
- AR and visual search: AI-powered visual search enables users to search products using images rather than text. Thanks to AR technology, customers can virtually try on items or see furniture in their homes, which improves the online purchasing experience.
- Supply chain optimization: AI can optimize the whole supply chain process from demand forecasting and production planning to logistics and delivery. Artificial intelligence (AI) algorithms can increase productivity, lower costs, and eliminate delays by analyzing data from diverse sources.
Overall, finance, healthcare, and retail professionals have recognized the value of artificial intelligence. AI has transformative benefits and provides instant value added to professionals and their service offerings. Regardless of industry, the widespread deployment of AI also improves consumer market conditions.
With further innovation expected in the field of AI, it is likely that other industries will continue to seek out AI-driven solutions and how to integrate them into their professional service offerings.
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