How AI is Transforming the fintech industry ?

How AI is Transforming the fintech industry ?

by | Jun 27, 2023 | Artificial intelligence

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Introduction: AI is Transforming the fintech industry

The fintech industry has experienced remarkable progress in recent times, thanks to the integration of Artificial Intelligence (AI) which has played a crucial role in this transformative journey. The blending of AI and fintech has led to remarkable growth, introducing creative solutions for both businesses and consumers. In this article, we delve into the significant influence of AI across different aspects of the fintech sector.

What is fintech?

AI is Transforming the fintech industry is a new technology that has made strands of improvements in recent times. It has seen massive business growth in a concise period. This is testimony to many real-life use applications having an amalgamation of AI and Fintech into this. It aims to make life easier for business owners and consumers to better manage their financial operations, and improve and fasten processes by automation.

Fintech is an abbreviation of “financial technology” which includes specialized software and algorithms that can be accessed using computers and smartphones.

Some examples of AI enhancing Fintech includes, when you transfer money using UPI apps through your cellphone or manage your cryptocurrencies online, and invest in stocks through an online broker.

Types of fintech

Fintech has many used applications and an array of types which is mentioned as follows:

    • Digital banking
    • Payment processing
    • Investment management
    • Peer-to-peer lending
    • Cryptocurrency and blockchain technology
    • Insurance technology
    • Personal finance management
    • Wealth management
    • Crowd-funding

Fraud Detection and Security

Fraud detection and better security as become critical to building trust for customers to use any given platform online. AI is particularly effective for this, as it analyses huge amounts of data to find anomalies and suspicious behavior that could be threats to security and lead to preventing loan fraud, theft, and money laundering. 

Furthermore, A.I. safeguards against unauthorized and anonymous user access to fraud detection using advanced methods.

These, are obviously important features used in the financial services industry against breaches.

Customer Service

AI helps in customer service and better customer experience as it can provide 24/7 customer support by AI-powered chatbots for answering basic types of customer-related questions, this also removes the excess workload of human service representatives.

AI chatbots reduce waiting times and setting up accounts gets easier by providing guidance on available products. 

It is believed customer experience should be contextual and tailored to individual and also personalized. Breakthroughs in the field of AI are helping support this goal.

Personalized financial services

Artificial intelligence has made remarkable improvements in the field of personalisation of customers according to his/her behaviour. Using speech and voice characteristics, customer behaviour could be predicted and AI models can accurately identify this.

Similarly, AI can provide and determine credit worthy-ness of users based on loan, and credit systems. Financial services could be pre-approved and customised financial advice could also be served. This will lead to gaining the trust of customers. 

AI in Risk Assessment and Investment Management

A Risk assessment or investment management can greatly benefit from the help of AI as it can analyse trends and insights about the future. It can provide risk assessment for credit risk by reducing default risk and improving loan approvals. AI can improve all of these. Above all, it has become synonymous with productivity and better efficiencies at a reduced cost. This is made possible because of AI‘s ability to process huge volumes of unstructured data at a higher rate of speed and lower degrees of human involvement. The advantages include superior forecasting accuracy, optimized variable selection processes, richer data segmentation, credit risk modeling, and efficient fraud detection.

Other important and note-worthy benefits include:

    • Superior forecasting accuracy
    • Optimised variable selection process
    • Richer data segmentation
    • Credit risk modeling 
    • Fraud detection

Conclusion 

Fintech has seen a significant boom in recent years. These trends combined with AI and Machine Learning are witnessing powerful implications and have a very good possibility to change the landscape for technology. With changing times, even consumer behaviour and acceptance is changing and breakthrough is happening. Its used benefits could be seen in cybersecurity, fraud prevention, Digital banking, mobile banking, and Blockchain.

How AI is helping transform Automation in manufacturing industry ?

How AI is helping transform Automation in manufacturing industry ?

by | Jun 27, 2023 | blog, Artificial intelligence

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Introduction: Automation in Manufacturing industry?

AI can help the transformation of Automation in manufacturing by intervening in supply chain, quality control, and product development, product design. These can help automate processes and make things easier for managers to handle.

Below have been mentioned the various aspects were Artificial Intelligence has been transforming the industry.

Manufacturing process automation:

Manufacturers need to save on both time and money , and with automation in operations through robots dealing with production aspect , we could reduce human intervention making errors made by human being lesser. Thus, saving money and time. Also, complex and repetitive task could be outsourced to AI.

Quality Control:

Artificial intelligence with its advent has made possible to make identify defects in real time possible using visual, acoustic, and other forms of sensory data. Therefore, improvements in A.I. could make production processes faster and reducing the need for manual intervention. QA control has been made possible thanks to lots of data that makes seamless integration from various sources possible such as production process, supply chain and sales.

This data can be helpful in identifying patterns and trends to have a better and more enhanced product quality and customer satisfaction.

Supply Chain Management: 

Generative A.I. is helping in automating decision making for supply chains. This done through huge amounts of data such as demand forecasting, optimizing transportation routes, manage inventory levels, historical sales, market trends and customer demand patterns. This enables accurate prediction of demand fluctuations. This leads to cost-effectiveness, and improved supply chain management. This technology also helps in constant monitoring of quantities, cycle times, lead times, errors, etc.

Therefore, A.I. could make a lot of difference in reducing wastage and excess inventory by accurately accessing the required inventory levels and other transportation efficiency making supply chain easy for manufacturers.

Product design:

Generative A.I. is making strands in the ability to analyse data and come out with cost-effective designs for products by identifying patterns and trends. Designs by A.I. has several important benefits like, speed and efficiency, making informed decision for product design, can lead to creation of products that are aligned with needs of consumer. This overall generative design enables designers with powerful tools for better design making and give the most cost-effective design options for lowering overall cost of production.

Production Processes:

Artificial intelligence (AI) can be applied to various areas of production processes including production data management, maintenance planning. This will result in reducing cost of maintenance for production lines. It can also be used for raw material price forecasting which will result in lesser material wastage.

Many more such benefits exist which are mentioned bellow as following:

  • Creative generating
  • Preventing future problems
  • Robotics
  • Process improvements
  • Enhancement of shop floor performance

Examples of AI-powered automation in Manufacturing

There are many examples of AI-powered automation being used in manufacturing. Some of the most notable include:

  • BMW: BMW is using AI-powered robots to assemble its new 3 Series sedan. The robots are able to perform a variety of tasks, including attaching parts, applying adhesives, and welding components.
  • Siemens: Siemens is using AI to optimize the production of its gas turbines. AI algorithms are used to analyze data from sensors on the production line and identify potential problems before they occur. This helps to prevent downtime and improve production efficiency.
  • Ford: Ford is using AI to develop self-driving cars. AI algorithms are used to process data from sensors on the car, such as cameras, radar, and lidar. This data is used to create a map of the environment and make decisions about how to navigate it safely.

Key takeaways:

Manufacturing is a necessary industry that has existed for centuries, but never has technology enablement so important to remain contemporary in today’s generation. It’s like, to say need of the hour to make AI and ML an essential part to reduce costs and increase efficiency.

 The benefits of AI span from, Manufacturing automation, Quality control, Process enhancement, making good and reliable designs and also in managing and analyzing data.

ChatGPT vs BARD: A Comparison of AI-Language Models

ChatGPT vs BARD: A Comparison of AI-Language Models

by | Apr 4, 2023 | Artificial intelligence

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ChatGPT vs BARD: A Comparison of AI-Language Models

In the realm of artificial intelligence, language models have emerged as transformative tools capable of understanding and generating human-like text. Among these advanced AI models, ChatGPT and BARD have gained significant traction, each offering unique capabilities and strengths. This comprehensive comparison delves into the key distinctions between ChatGPT and BARD, guiding you in selecting the most suitable model for your specific needs.

Introduction to ChatGPT vs BARD

Artificial Intelligence (AI) language models have become an integral part of our daily lives, whether we realize it or not. These models have become increasingly advanced in recent years, leading to the development of chatbots that can converse with humans in a natural-sounding manner. ChatGPT and BARD are two such language models that have gained popularity in the AI community. In this article, we’ll compare ChatGPT and BARD and discuss their differences.

ChatGPT vs BARD Language Models Empowered by AI

In the ever-evolving landscape of artificial intelligence (AI), language models have emerged as transformative tools, capable of understanding, generating, and manipulating human-like text. These sophisticated AI models have revolutionized various industries, from customer service to creative writing, and continue to expand their reach into our daily lives.

Among the plethora of AI language models, ChatGPT and BARD have garnered significant attention, each offering unique capabilities and strengths. While both models share the common goal of processing and generating human language, their approaches and applications differ significantly. This comprehensive comparison delves into the key distinctions between ChatGPT and BARD, guiding you in selecting the most suitable model for your specific needs.

What is ChatGPT?

ChatGPT is a language model developed by OpenAI. It is based on the GPT-3 architecture, which is known for its high accuracy in natural language processing. ChatGPT is trained on a massive amount of data and can generate human-like responses to text-based conversations. It can perform various tasks, such as answering questions, summarizing text, and generating creative writing.

What is BARD?

BARD, or Bayesian Augmented Retrieval-based Dialogue, is a language model developed by Google. Unlike ChatGPT, BARD is not a generative model, meaning it does not generate text. Instead, it retrieves pre-existing text from a database of conversations and responses. BARD uses a Bayesian approach to retrieve the most relevant response to a given conversation.

Comparison of ChatGPT vs BARD

Generative vs. Retrieval-based: The primary difference between ChatGPT and BARD is their approach to generating responses. ChatGPT is a generative model, while BARD is a retrieval-based model.

Training Data : ChatGPT is trained on a vast amount of data, making it highly accurate in generating human-like responses. BARD, on the other hand, relies on pre-existing conversations, limiting its ability to generate new responses.

Flexibility: ChatGPT is highly flexible and can perform various tasks, from answering questions to creative writing. BARD, on the other hand, is limited to retrieving pre-existing responses.

Naturalness: ChatGPT generates responses that sound more natural, while BARD’s responses may not always sound as natural since they are retrieved from pre-existing conversations.

Which is Better?

The answer to this question depends on the intended use case. If the goal is to generate new responses that sound human-like, ChatGPT is the better option. On the other hand, if the goal is to retrieve pre-existing responses, BARD is the better option.

Conclusion

ChatGPT and BARD are two popular AI language models that have distinct differences. ChatGPT is a generative model that can generate human-like responses to text-based conversations, while BARD is a retrieval-based model that retrieves pre-existing responses from a database of conversations. The choice between the two depends on the intended use case, as each model has its strengths and weaknesses. By understanding these distinctions, you can effectively select the AI language model that best aligns with your specific needs.​