Among the service industries to benefit the most from the AI breakthrough are the Banking, Insurance, Telecom, and Utility Industries.
It is now no secret that Artificial Intelligence is the next big thing. It is set to transform our entire way of life, from how we live to how we work and how we interact with one another.
In fact, we are already seeing some of the effects of Artificial Intelligence in most industries today.
Artificial Intelligence is currently being utilized in a wide variety of businesses and is widely used in many award-winning apps and software in the market, particularly in service industries, the AI role will only continue to rise.
The service industry landscape has shifted to acknowledge the importance of Artificial Intelligence.
Among the service industries to benefit the most from the AI breakthrough are the Banking, Insurance, Telecom, and Utility Industries.
AI in the Banking Industry
3D illustration of a robot hand holding for a generic credit card with NFC technology. Credit card is fictitious. PixOne / Shutterstock.com
The banking industry has benefited massively from the introduction of AI systems, and will only continue to do so.
Some of the areas that have been impacted include:
– Customer Experience
AI chatbots are all over the place in the banking industry. Almost every major bank has one. These bots have streamlined customer interactions and improved customer experience and satisfaction. App development companies have made it possible for clients to be able to ask for banking assistance and receive it without having to visit a bank at a physical location. This adds a level of convenience that customers appreciate. This is only achievable with AI.
– Management of Customer Data
The breakthroughs of AI in the management of customer data is outstanding. For example, when JPMorgan Chase’s Contract Intelligence AI was given the task to review their 12000 commercial credit agreements, it managed the task in a few seconds. This compared to the estimated 360,000 hours manual evaluation normally took. The AI has now officially replaced humans in performing this task, freeing up more human resources for other sectors. Today, similar AI can be used to manage emails, articles, phone calls and other legal documents.
– Banking Security
AI is changing the way banks secure themselves. Cases of money laundering have previously plagued the industry, but this will all soon change. Banks have started seeking tailored AI solutions to help them combat the vice.
AI in Insurance Industry
AI, artificial intelligence, in modern medical technology. IOT and automation. Wright Studio / Shutterstock.com
AI is literally shaking up the insurance industry. Today, traditional insurance and underwriting are being updated to become more efficient and more consumer-friendly through the utilization of AI technologies. Some of the changes we are bound to see more of include:
– Micro changes
AI is slowly making it possible for insurance companies to access user data and tweak their offers to suit user behaviour. This is only going to be more prevalent in the future. For example, your car sensor may show that you have a history of reckless driving, and consequently, your car insurance rate may increase by 1%. If you are a very good driver, your car insurance rate may drop by 1%. This tweaking not only rewards good drivers but also results in more revenue for insurance companies.
– Customer interactions
The insurance industry stands to benefit greatly from the advances being made in AI for customer interactions. Soon, we may see app development companies develop insurance apps with assistants that warn you if you engage in activities that could lower your insurance rate, or alert you when you are doing something that could boost your rates.
– AI May Make Some Insurance Sectors Obsolete
By 2020, driverless cars will be common on our roads. This shift will bring with it many changes to the insurance industry. The much safer cars will lead to a much lower accident rate for example.
Auto insurance may stop being as lucrative, and insurance companies may have to adapt and switch to ensuring car manufacturers as opposed to individual drivers who will see no need for auto insurance.
AI in the Telecom Industry
Chat bot and future marketing concept . Customer hand holding tablet look for ticket and popup out smart phone screen with automatic chatbot message screen , airport background (Photo Credit: www.shutterstock.com)
The Telecom Industry benefits from the advantages of using AI on three fronts:
– Customer Service and Retention
AI has enhanced customer service in the Telecom industry. The rise in customer service solutions such as chatbots has eased communication between customers and their Telecom companies. This leads to better user experience and satisfaction. AI can also be used as customer service agents, where they interact directly with clients, making the customer service process more cost-efficient.
– Sales and Personalized User Experience
AI has also helped companies in the Telecom Industry to improve customer retention and boost the amount of revenue earned per user. The immense power of AI can be harnessed to offer personalized product recommendations to clients, assessing the type of call or data packages that suite a potential client pre-sale to increase sale success rates, and analyzing social media, brand image, and customer feedback and offering recommendations to help make the company better.
– Network Analysis
AI plays a huge role in the network maintenance of Telecom companies. Optimized networks are a necessity today, especially due to increased data consumption. Telecom companies need to adapt and cater to their users’ needs. In the Telecom Industry, AI is being used as a network maintenance solution with a focus on the creation of self-healing, self-learning, and self-optimizing networks. This approach has proven to be future proof and sustainable.
AI in the Utility Industry
Unrecognizable corporate water utility executive managing meter data via advanced metering infrastructure solution. Industry concept for AMI, SaaS, managed services, MDM, IoT, network as a service. LeoWolfert / Shutterstock.com
The Utility Industry is already gaining a lot from the application of AI technologies. For example, AI is being used in:
– Yield Optimization
In the utility industry, total yield equals total revenue. An increase in total yield usually means an increase in revenue. The application of AI technologies has led to optimized yields. For example, in the power production sector, power generation efficiency can be optimized by using real-time adjustments across their assets to maximize output while minimizing resource use.
– Predictive Maintenance
Maintenance is a huge deal when it comes to the utility space. With the help of AI, drones equipped with deep learning algorithms can be deployed to help automatically identify defects and potential failure points, predicting when maintenance will be needed. This does away with costly and inaccurate manual inspections.
– Customer Insights
AI can be used to help utilities maximize margins and minimize consumption. They can also help craft individual customer offers or deals on their services that will allow utility companies to gain new customers, create a larger user base and boost customer loyalty.
By Rilind Elezaj
- Rilind Elezaj is an experienced Digital Marketing Specialist with a demonstrated history of working in the marketing and advertising industry. Rilind possesses a strong entrepreneurial mindset and has devoted his career to enhancing the sphere of digital marketing. In his methodological approach, Rilind integrates web development and other digital marketing solutions to create hybrid strategies that bring the best results.
