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The growing role of artificial intelligence in healthcare and banking sector 


Artificial intelligence is the knowledge provided by a machine. A machine can learn through patterns, data, models, vectors support, decision trees and many other ways. The combination of methods provides highly intuitive ways for the machine to identify patterns and match them to previously stored data to give the results.

Researchers are trying to find out if machines can mimic human behaviour and intelligence. For example, the human brain works on neural networks linked together to deliver multiple functions and conduct activities. Similarly, machines can be trained to identify specific videos, pictures, faces, and voices and perform complex tasks by identifying verbal instructions. 

Such technologies are useful in the healthcare industry as they provide better service delivery. As per the reports, the AI market is expected to grow at the annual rate of 62.7 per cent to 16.6bn in three years, and one of the key industries driving the growth will be the healthcare industry. 

AI TechnologyTechnology can provide data to improve the quality of care and generate real-time insight for decision-making. It provides better care by conducting multiple activities quickly and precisely.  

For example, the research into patients' medical imaging shows that certain machine learning algorithms can improve the reading related to cardiac images and the quality of reports.

They are used for live chats and can help businesses to run efficiently. In addition, it enhances business management through multiple ways like specified advertising, providing recommendations by collecting data related to user inclinations and providing live customer support. 

Some of the areas where it is expected to be used are – 

  • It can be used in robot-assisted surgeries and networking. 

  • It can be used for detecting fraud and conducting lab tests accurately. 

  • Customer service is the area which can be easily handled using the machine learning system. 

In banking and other financial services, chatbots and humanoids can process and automate instructions to conduct transactions competently. Several banks like Bank of America, JP Morgan Chase, PNC and CitiBank are focusing on developing such systems 

One of the key areas where the system will be helpful is fraud detection. In healthcare and banking, unrestricted new frauds are creating issues, and technological evolution can help detect suspicious or unreliable factors. 

The service offered by machines can provide ways to deliver banking and healthcare effortlessly around the clock. In seconds, the virtual assistant can check several details related to the customer/patient. 

The robots like Pepper can offer a comfortable interaction platform, and the customers can constantly rely upon it to get easy and clear answers to their queries.robots technology 

There are also several risks related to using such technologies that experts are examining and trying to find a solution for, especially in the healthcare sector,  where if the algorithm fails to deliver 99 per cent accuracy, it can result in medical complications.   

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