How AI is Transforming the Industries of Healthcare and Finance
Artificial intelligence has become advanced to the point where the rise of the machines is starting to look less like science fiction and more like an inevitable reality. The latest developments in the field of artificial intelligence have made it possible for machines to think, take decisions on their own, and learn new skills.
Artificial Intelligence has made a huge impact on our lives. It has changed our lifestyle, working environment, methods of research and more. In this article, we will talk about how artificial intelligence is transforming different industries, more specifically the healthcare and finance sectors.
AI in Finance
Trading Made Simple And Better
One of the applications of artificial intelligence in the financial market is making trading simpler and better. The AI algorithms help in implementing the rules, conditions, and sentiments that makes trading simpler.
Statisticians are building trading algorithms these days. This will be replaced by artificial intelligence algorithms that are powered by neural networks. These neural networks learn from past behavior, improve over time, and are able to solve complex problems.
Better Risk Management
Financial markets come with risks. By taking calculated risks, the chances of loss are reduced. Moreover, taking calculated risks can help your investments grow steadily.
Artificial Intelligence is being used in the finance industry to develop programs that can take calculated risks. As AI can handle a huge amount of data at a particular time, it can analyse data much better than humans. Also, AI machines do not involve guesses in taking decisions. This also helps in managing the risk better.
Fraud Identification
In the recent years, online fraud is gaining momentum. Hackers are finding new ways to gain access to people’s accounts. To counter this, there are Artificial Intelligence projects that help reduce the risk of fraud.
There are AIs that can be programmed to actively monitor your account for any kind of unusual activities. They have access to your information such as your location, past payments, amount of payments etc. If at some point in time it detects some deviation or breach in your account, it immediately alarms you or the concerned authorities at the bank.
AI in Healthcare
AI has transformed the healthcare sector in the following ways:
Managing Medical Records
Artificial intelligence applications are helping manage medical records and patient data. With the help of medical records, doctors have an insight of patient’s medical condition, diseases encountered, various laboratory reports like blood report, X-rays etc. Doctors use this data to draw conclusions and make accurate diagnoses. While AI is not there, the day is not far when it will be used to diagnose different diseases and recommend treatment.
Virtual Nurses
Artificial Intelligence systems can act as virtual nurses to the patients. They can perform various tasks like supporting patients, time to time check-up of patients etc. They also help in monitoring the patients between the doctor’s visits. In case of emergency, AI machine learning robots raise alarm notifying the doctor that the patient requires immediate attention.
Creating Medicines
AI enabled systems help in creating medicines. Machine algorithms have made early-stage drug discovery and R&D much more efficient. AI-powered program helped in creating the drug that can eradicate Ebola virus.
Health Monitoring Systems
AI enables doctors to monitor the health of patients using various health monitoring systems. These systems check the pulse rate, heartbeat, temperature of the patient and make daily reports. It automatically sends a daily report to the assigned doctor.
The applications of AI are endless, and only time will tell how this technology will change the game across multiple industries.