4 Business categories that require AI to generate Higher Revenues

Businesses all over the world have seen their profits and revenues go up because of the latest tech trends and introduction of digital channels in the sales and marketing cycles. But now that the initial hype around these mediums have died down and saturation has started to emerge on digital platforms, it is time for online businesses and conventional businesses as well to become smart. By getting smart, it does not mean that just in terms of business strategies but by adopting smart products as well and what better way to do that but with the help of Artificial Intelligence.

So here are the 4 business categories that stand to benefit the most from AI and smart products it has to offer:

E-Commerce Industry

This multi-billion industry owes a lot to the technological revolution that rocked the world in early 21st century and large scale adoption of mobile phones and smartphones helped sales figures for e-commerce industry to go through the roof. But in this sea of millions of consumers, e-commerce industry has to deal with hundreds of scammers and fraudsters as well.  Some try to sign up with fake identity details, others use fake addresses to receive their ordered items and worse of all, payment related frauds are becoming harder and harder to track for online shopping stores.

Artificial Intelligence can help them tackle this problem with online document verification service that can not only authenticate an identity document for deter identity fraud but to also validate the credit card used for purchasing items.

Gaming Industry

Artificial Intelligence is the next logical step for gaming industry not only to develop more engaging games for online users but in order to streamline massive traffic load on its multiple platforms. A synchronized user experience can only be guaranteed with the help of smartly designed computational models that can suggest gaming communities based upon the individual taste and age group of the incoming users.

Talking about age group oriented pitching of online gaming, online age verification is also easier to perform through Artificial Intelligence via both facial as well as ID Verification services such as Shufti Pro. Age brackets are created to determine the true age of an incoming user and consent of an adult is easier to collect with such age verification solutions. Facial recognition software with age determination feature can also be used but the accuracy of such a solution is still a matter of contention.

Banking Industry

It must be admitted that when it comes to innovation, banking industry has been playing catch up ever since the introduction of fintech and regulatory compliance to protect the interests of end-users and banking consumers. Several services have been launched by banks across the globe through online channels and digital medium but protection against fake accounts is still not airtight.

Artificial Intelligence can help automate the conventional financial legacy models and provide a competitive edge to banking industry. Credit card scams can be reduced by checking each transaction performed by the card holder and smartly investigating different metrics such as geographical location, purchasing patterns and time difference between the 2 locations.

Insurance Industry

Just like the conventional banking solutions, insurance industry is a mammoth that takes months before adopting technical innovation due to its laborious work flow and bureaucratic service delivery model. This allows scammers and fraudsters to file false insurance claims and defraud insurance industry with millions of dollars being lost to identity theft and financial frauds.

Insurance industry can track multiple facets of an insurance claim whether related to medical, life or business related insurance by introducing various checks. Any attempt of using a fake credential or tampered identity document can be quickly identified by smart AI based systems, reducing the manual labor required to review individual insurance claims. This reduced processing time not only increases the overall efficiency of the claims department in an insurance company but helps plug the leak of revenue by the hand of scammers and fraudsters

Conclusion

Artificial Intelligence is expected to be favored form of tech in next 3 years, with nearly 30% of companies using some form of AI in their day to day business. The above stated business categories, particularly, can also benefit from the potential of AI to simplify overly complicated business process.