“Big Data” is a data set with a large volume of varied data – structured and unstructured, growing at high velocity due to the ease and use of technology. Learning how to analyze this data, allows you insight into it to drive business with improved decision making.
An elite pool of data scientists and engineers who can provide consulting services for analytics are working on one key area that is quickly making progress. That which is voice search. According to Bing, 25% of all searches are voice searches. Last year, Google announced that voice searches account for 20 percent of searches on mobile devices. The popularity and adoption of search assistants, such as Cortana, Siri, Alexa, and Google Assistant, are also soaring at a rapid pace. Voice search will become the norm when a device knows the user’s preferences and likes.
Marketers need to rapidly take notice of their mobile-first strategies, to adapt to the voice-first marketplace. Where AI Will Be Used!
As AI gathers large amounts and various types of data, it crunches the numbers to make predictive decisions. This process is really about analysis to help identify and uncover information to help make better and more informed decisions, ranging from consumer behavior to better understanding internal operational resources. From a financial services perspective, 2018 will most likely see trends regarding AI:
Fraud prevention and detection:
A major part of detecting fraud stems from unusual activity on an account. Currently, there are safeguards in place to determine if a transaction takes place a long physical distance from the cardholder’s residence or a high number of purchases occur in a small window of time. However, fraud can be perpetrated in many more subtle ways. Fraud teams are trained to spot these types of activities. AI can give these teams a tool to process data faster and more efficiently to detect fraud with increasing speed and accuracy. The credit union industry will be making use of AI for exactly this purpose.
AI represents the future of customer service. AI-driven chatbots (computer programs simulating human conversation) can handle a significant number of basic customer service questions, freeing up resources to focus on issues requiring more significant attention. This type of support also allows for shorter wait times on the phone and with in-person chat, and as the AI system earns more about the nuances of situations, it will gradually increase the accuracy and scope of its support capabilities.
Por Scott H.