Scenario: Harness The Power of AI
AI improves efficiency and effectiveness. We can now train computers to perform better than humans in many tasks. Financial gains from AI can be direct and quantifiable. For example, Emma, a chatbot at OCBC bank in Singapore, turns 10% of chats turn into loans. It uses Natural Language Processing and personality analysis, and the result is that customers feel “this interface understands me”. In its first eight months of operation it won $70m of home loan business.
Knowledge-based careers which were previously thought safe from automation are also being disrupted by AI Take legal practice, for instance. UK Law AI company, CaseCrunch, pitted over lawyers from many of London’s top firms against an artificial intelligence program called Case Cruncher Alpha. Both the humans and the AI were given the basic facts of hundreds of claim-based cases and were asked to predict whether a claim would be granted or not. Case Cruncher got an accuracy rate of 86.6%, compared with 66.3% for the lawyers .
Financial Service is one industry that is pushing ahead quickly with the adoption of AI Applications in this industry include:
- Security – monitor & intervene, including Dark Web crawling
- ‘Know Your Customer’ (KYC), identifying and verifying the identity of clients
- Face recognition – pay with a smile, or, as used in China, recognise if an applicant is not telling the truth
- Personality analysis – ‘we know by your traits’
- Sentiment analysis – we know how you feel’
- Predicting loyalty
- Sector/geography/company analysis
- Algorithmic trading using ‘dueling’ algorithms
Given that there are so many potential applications of AI, it helps to analyse AI solutions in relation to the benefits being sought. Organisations will require different categories of solutions depending on whether they need AI for efficiency, effectiveness, innovation or expert systems. The kinds of data needed, and the deployment options will also be different for each scenario.