InsightsMobile Marketing

How Artificial Intelligence is Impacting Retail, Banking, and Healthcare

By April 14, 2016 No Comments

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The current market value of Artificial Intelligence reached $126.24bn this year, and is estimated at $3,061.35bn by the end of 2020- and with that comes the opportunity for brands to leverage the latest in AI technology towards their day to day operations, marketing and sales efforts and loyalty strategies, among others. Here at Plastic, we’re incredibly excited about the potential and have shared below what we think AI can mean for brands across healthcare, retail, and banking.

Healthcare:
Healthcare is one of the most ethically sensitive markets, which means that before any AI technology becomes a mainstay in the industry, it must first undergo a multitude of tests. Having digital caregivers may be a way to alleviate stress on overworked medical staffs, but we must first find a way to convince patients of their competence. To be successful, robotic doctors powered by AI don’t need to be perfect, they just need to be more reliable than human doctors. For the foreseeable future, there will always need to be a human buffer between the patient and machine, but this may change once acceptance levels rise.

AI is not ready to diagnose patients and replace medical workers at the present time, but it can be an effective tool for them to use. Currently, the team at Beth Israel Deaconess Medical Center in Boston is using machine learning algorithms to help them better capture patients chief complaints and do rounds. The benefits of this are extra time, energy, and attention that they can now give to patients.

Retail:
From robotic personal shoppers to predictive shopping carts, AI lends itself nicely to retail. Brands such as AirBnB and Gilt Groupe have turned to AI to improve sales by utilizing preemptive shipping, anticipatory shipping, and dynamic pricing. It allows them to strengthen their predictions through customer buying habits and subjective habits. As well, The North Face has partnered with IBM Watson and Fluid to create a predictive shopping webpage, that makes suggestions based on how you interact with it. AI can give shoppers helpful, relevant, and intuitive product recommendations, and look like it will become a norm moving forward.

Banking:
Similarly to retail, financial services can benefit from AI by taking advantage of the vast amounts of data that track users online habits. By tracking a users’ habits, banks can personalize their experience to anticipate the individual users’ needs. This tracking serves dual purpose, as it can also learn the users’ tendencies, making it easier to detect outliers and reduce fraud.

Banks see the opportunities presented by AI, and have been investing in it as a result. Bank of America Merrill Lynch estimates that the AI industry will be valued at $70bn by 2020. Last month, Royal Bank of Scotland debuted Luvo, an AI system that can help call-center staff answer customer questions more efficiently. As well, Barclays and Goldman Sachs are looking into how they can utilize virtual assistants and machine-learning, respectively.