Verticals: FinTech, Healthcare, and Cybersecurity
Learn about the adoption of AI in a specific vertical: fintech, healthcare, and cybersecurity.
In this lesson, we will be looking at four specific verticals—that is, fintech, healthcare, consumer goods, and cybersecurity—that have seen increased AI adoption in order to best demonstrate trends within major areas of AI development through these examples. Getting an understanding of how and why AI was adopted in these verticals can give us promising examples of how AI can be applied in other domains as well. Let’s explore the adoption of AI in these verticals.
Fintech
Perhaps the swiftest and most substantial AI transformation has been in the fintech space, and it’s not surprising to see why. AI applied toward specific use cases can bring about significant revenues saved or generated when done right. According to a recent report by UnivDatos Market Insights, “The AI in Fintech Market is expected to grow at a steady rate of around 30% owing to the increasing demand for fraud detection, virtual helpers coupled with easy transactions, and chatbots for quick and instant query solutions.”
Let’s take a look at some of the most compelling use cases of AI for the fintech space that have contributed to its quick adoption.
Chatbots
Chatbots or conversational AIs use natural language processing (NLP) to handle more of the customer service through what’s referred to as sentiment analysis. NLP is made up of two components—NLG and NLU, respectively—and these language models are used to find patterns in what end users are asking for to inform things such as a centralized knowledge base, a frequently asked questions page, or to help the company understand more about their customers and what they’re looking for. Where ML and deep learning work with data points, in NLP, the data points are the words themselves, and it’s their orientation and arrangement that gets optimized.
Players in the fintech space are able to use chatbots to optimize for other things, such as customer feedback with their fintech apps, process automation, and lowering wait times. They’re also great for ...