The AI shake up: How non-financial industries use it and what lessons banks can learn

Artificial Intelligence (AI) continues to emerge as one of the most valuable and revolutionary technological advancements of the 21st century. PwC projects that AI could add up to $15.7 trillion to our global economy by the end of the decade, so it's no secret the use of AI is becoming widespread across industries globally.

AI is changing how we operate logistically and how we conduct our day-to-day affairs. Entrepreneurs in the U.S. expect AI to positively impact growth, with innovation levels jumping up 84% and job creation sitting a little lower but still strong at 69%.

So, without further adieu—here are the industries we think are feeling the positive effects of AI and how this intelligent tech is benefiting their commerce as a whole.

Finance

AI in the banking market size was globally valued at $3.88 billion in 2020, and is estimated to reach $64.03 billion by 2030.

BOND.AI is catalyzing this technological advancement while keeping users at the heart of banking with our Empathy Engine®.

When data is processed through this AI, it provides unique personas on the other end for each consumer or small business of your bank. This persona connects their behaviors, strengths, and potential needs to holistically understand them, and provides multiple suggestions and opportunities for how they could boost their financial lives.

Our powerful AI is capable of gathering non-financial data contextually to create highly accurate personas and proactively look for the well-being of your customers.

Health Care

AI is fantastic at taking in large amounts of varied information, correlating data, and making accurate suggestions or predictions. In healthcare, it can aid professionals in specifying diagnostics for patients by analyzing symptoms, and therefore suggesting personalized solutions and predicting further potential risks.

Healthcare providers worldwide are opting for intelligent symptom checkers prior to patient triage to assess matters of urgency in packed-out emergency rooms. Artificial intelligence in healthcare globally has a gigantic market size valued at $10.4 billion in 2021, and is expected to continue expanding even further.

Similar to the way BOND.AI’s Empathy Engine® is utilizing chatbot technology, healthcare AI are able to reach people wherever they feel most comfortable or when is convenient for them by using a laptop or phone. Symptom-checking chatbots converse with patients to collect information of their symptoms while providing a comforting and attentive service. AI then tailors advice based on the patient’s answers and the latest advice from the Centers for Disease Control and Prevention (CDC).

Real Estate

Health may be an obvious necessity in our busy lives, but so is having somewhere to live. Finding the perfect place to live is challenging, especially with the uncertainty of the real estate market. Similarly to healthcare, AI in real estate can be used to analyze large amounts of data and create tailored outcomes as a result.

For example, real-estate news in 2018 was abuzz when an AI-powered deal went viral through the industry. The outcome was the acquisition of two properties in Philadelphia, coming in at a grand total of $26 million. The properties were sought out by the use of an algorithm named 'Soon to Market Detection’, which analyzed tens of thousands of data points to make an acceptable offer based on its findings.

Such algorithms and smart technologies can help home buyers or investors make sound buying decisions when it comes to a market that is relentlessly unreliable in its future predictions based on previous market activity.

Construction

The construction industry has started utilizing AI in various ways to advance the sector to become more efficient and innovative.

The success of giant building projects requires close attention to each task, such as building permits, designs, blueprints, and unforeseen delays or changes.

Things on-site can become overwhelmingly stressful for humans to manage without the assistance of machine learning technology.

By utilizing machine learning, builders can foresee potential issues before humans. Advanced AI can help correct scheduling to prevent expensive delays on sites or amongst suppliers, vendors, and anybody involved in the process.

While AI is unlikely to replace human workers, one thing for certain is that the technology itself is helping industries far and wide become more efficient and further advanced.

The world is always changing, and as new jobs emerge, employers and business owners alike should consider how they can most effectively utilize AI technology to equip people with the skills they will need to keep up with the modern era.

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