Artificial Intelligence (AI) is no longer a thing of science fiction. It’s already here and is becoming an integral part of our daily life. AI is a broad term that describes computers or machines capable of performing tasks with the help of algorithms.
In fact, it may not be long before AI becomes a necessity in our lives as it promises to deliver more convenience and make our lives easier by automating many daily routine tasks.
AI in the banking sector
The banking sector relies on AI and Machine Learning to ease everyday tasks like fraud detection and customer service.
Credit card fraud detection has been one of the biggest uses for machine learning so far. This is because banks have a lot of data that they can use to train their algorithms.
This includes transaction history, social media activity, spending habits, etc. Machine learning algorithms can help banks detect fake accounts by analyzing patterns in data such as geographical location or time spent on social media sites.
In recent years, customer service automation has been another area where artificial intelligence has taken off. It’s estimated that up to 70% of customer calls could be automated within five years.
This mean that human staff will only need to deal with complicated support cases instead of having them transferred between departments if there’s something too complicated for an AI chatbot!
Many companies use AI to make recommendations based on user preferences. Data collection by many companies through interactive websites, mobile apps, and other means has made it possible for machines to learn user preferences and offer more customized services.
This can be seen where recommendations provided by Netflix, Amazon, and others are based on Artificial Intelligence algorithms.
This is a very important aspect of artificial intelligence used in everyday life with great success.
Natural Language Processing (NLP)
Natural Language Processing (NLP) is a branch of AI that makes it possible for machines to read, understand and derive meaning from human languages. Chatbots are one such example that is being used by many businesses to interact with their customers over popular messaging applications such as Facebook Messenger, and Telegram.
NLP is used in voice assistants, virtual assistants, and search engines. Voice assistants like Alexa and Siri are other allow us to carry out tasks using simple voice commands instead of typing on a keyboard or a touchscreen interface. Search engines use NLP technology to understand queries typed in natural language so that the most relevant results can be returned from billions of web pages indexed online
Artificial intelligence has a lot of potentials that can be utilized in various aspects of our daily lives. Google Assistant or Siri Business are common examples of how AI is making its way into our daily lives.
These virtual assistants can complete tasks such as scheduling appointments and looking up information on the web all by themselves.
Artificial intelligence can also be used to make our lives easier when it comes to shopping. Checkout lines are one example where artificial intelligence could help streamline processes and make them more efficient for customers and employees. Self-checkout machines have already started using this technology, but it will only improve with time.
Most cars produced nowadays contain some elements of AI, such as self-parking features, adaptive cruise control etc.
If you have a car, you can experience AI in some of the following ways:
- adaptive cruise control;
- lane assist;
- traffic jam assist;
- blind-spot monitoring;
- forward collision warning/automatic braking.
Artificial Intelligence is present in our daily life whether we notice it or not
All in all, Artificial Intelligence is a technology that has the power to change how we live our lives. Artificial intelligence is a technology that has been around for years.
It is only recently that we have been able to implement it in our daily lives without noticing it. In fact, AI is already present in many of the products and services we use every day—we just don’t think of them as being “alive” or “intelligent.
Read also: Is Artificial Intelligence a job killer and how can it coexist with human work?