- In future, AI will curb the next pandemic. Currently the world was not prepared for COVID – 19 kind of pandemic..AI can play a huge role in predicting an outbreak and, also minimising or stalling its spread. AI algorithms can help mine through news reports and online content from around the world, helping experts recognise anomalies even before it reaches epidemic proportions. The corona outbreak itself is a great example where researchers applied AI to study flight traveller data to predict where the novel coronavirus could pop up next. A National Geographic report demonstrates how monitoring the internet or social media can help detect the early stages of successful implementation of predictive modelling could represent a major leap forward in the fight to rid the world of some of the most infectious diseases. Big data analytics can help de-centralise the process and enable the timely analysis of widespread data sets generated through Internet of Things (IoT) and mobile devices in real-time.
- The role of AI and big data in treating global pandemics and other healthcare challenges is only set to grow. Therefore, it comes as no surprise that demand for professionals with AI skills has more than doubled over the past three years. Professionals working in healthcare technologies, getting educated on the applications of AI in healthcare and building the right skill-sets will prove to be crucial.
- The need for technological evolution in the sector has acted as a catalyst for banks and financial institutions to seek and deploy next-generation technologies. The advancements in technologyhave brought the mobile and internet banking services to the fore of the BFSI According to the Reserve Bank of India (RBI), the digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level five in the Faster Payments Innovation Index (FPII).
- AI opportunity across the financial services industry continue to proliferate amid considerable hype around the technology, and for good reason: The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total as per Autonomous Next research done by Business Insider Intelligence.Most banks (80%) are highly aware of the potential benefits presented by AI as per an OpenText survey of financial services professionals.
- Sweeping global regulations, the growing penetration of digital devices, and a slew of investor interest are catapulting the fintech industry to new highs. Of the many emerging technologies poised to transform financial services, two of the most promising and mature are artificial intelligence (AI) and blockchain.
- One of the most innovative and interesting banking trends of 2020 will be the continued movement to predictive banking. It is for the first time that banking industry can consolidate internal and external customer data, that is rich and financially viable, not only to know their customers but also build their predictive profiles. With the enhanced use of data, financial institutions will provide consumers with value driven services through next best actions instead of blind selling of products.