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Artificial intelligence is transforming tech business

From Fintech to Medtech, Gaming and Software developers, the applications are improving efficiencies and saving costs.

Technology businesses are constantly evolving to meet the changing needs of consumers. This means they’re often at the cutting edge of innovation to achieve their business goals. Innovation has become so synonymous to growth in the sector. And one of the leading innovations is artificial intelligence (AI), with 35% of tech CFOs looking to this technology to help scale their business[1].

AI is changing the way we live and operate, influencing consumer behaviour and business operations, bringing about cost savings, improving efficiency and growing competitive advantages. Many tech companies are already implementing AI. Here, we look at some examples within fintech, medtech and gaming/software developers.

Artificial intelligence in Fintech

AI is expanding the development of Fintech Companies. Institutions are embracing the features of artificial intelligence, improving process efficiency, enhancing customer engagement levels and speeding up queries. Examples of applications and impacts include:

  • Digital financial coach/advisors – ‘digital assistants’ are being use to help users with their savings, spending and financial plans whilst also recommending products or services based on the latest transactions.

    Sun Life uses a virtual assistant called ‘Ella’; an interactive digital coach who helps users navigate and maximise their benefits and pension plans. The assistant sends reminders to users like your “Healthcare benefits are about to expire”.

  • ‘Bot’ programs – ‘bot’ programs are providing easy-to-use transaction searches so users can search for specific financial transactions, instead of going through old statements, and calculating the total amount of credit and debt, a task users had to do with calculators.

Bank of America uses automated software with Erica, a digital financial assistant that helps users access balance information, transfer money between accounts, send money and schedule meetings at financial centres. Erica had over one million users within two months[2].

  • Customer risk profiles – AI is helping defining risk profiles through automating customer rankings based on their risk data from low to high. Then depending on the classification, a financial product linked to each risk profile is recommended and automatically presented.
  • Medtech applications of artificial intelligence

    AI promises to be a powerful tool in MedTech too, solving problems around the shortage of healthcare professionals, and improving accuracies in disease diagnosis and patient treatments. We’ve written about AI before in the healthcare sector for care businesses, you can find that here. But AI is also leading to even bigger innovation potential and promise across the Medtech value chain. For example[3]:

  • Product development – AI driving medical imaging and algorithmic analysis of clinical data. 

  • Manufacturing and supply chain – robotic process automation, demand planning, end-to-end supply chain digitisation and integration. 

  • Sales and marketing - predictive analytics, interactive marketing using virtual agents. 

  • Data, service, and customer – remote patient monitoring, chronic disease management, real-time health information, wearables, electronic health records, disease detection and diagnosis for imaging technologies and enhanced surgical procedures.

Artificial intelligence uses in gaming and software

Artificial intelligence has been a growing resource for video game developers for years. From racing, shooting or strategy games, they all have various elements controlled by AI, such as the enemy bots or neutral characters. Game development companies already leverage AI through analytics, object detection, pathfinding and much more[4]. But it’s likely to have an even bigger impact on the game industry and mobile game development as information on AI becomes more accessible and simplified, which could bring unprecedented benefits to game development for firms of all sizes.

Artificial intelligence scale up opportunities and potential

Although the development and implementation of AI across the technology sector are at various states of digital maturity and innovation potential. There’s no doubt in its potential to directly improve operational performance of technologies companies. Getting the most out of AI technologies however relies on organisations’ capacity to attract and retain the appropriate talent and establish the organisational structures in which that talent thrives and drives a successful AI agenda.

Our next article will look how AI can aid technology companies in ‘scaling up’. Until then, let us know if you incorporate AI in your tech business, or if it’s something you’re planning on incorporating. We’d love to learn more about your business. To know more about us, download our technology credentials brochure here.

Sources:

[1] https://www.bdo.com/insights/industries/technology/bdo-technology-outlook-survey
[2] https://netfinance.wbresearch.com/bank-of-america-ai-powered-chatbot-strategy-ty-u
[3] https://www.russellreynolds.com/insights/thought-leadership/building-the-future-of-medtech-with-ai
[4] https://www.quytech.com/blog/artificial-intelligence-in-game-development/

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