Artificial intelligence technologies have exploded across a wide range of technological sectors. Several cutting-edge AI and machine learning technologies are already having a significant impact on how decisions are made and activities are completed, and it is clear that this trend will continue. The demand for automating repetitive jobs will only grow in the future, and AI combined with automation is poised to accelerate that trend.
We concentrate on three significant applications that are causing a lot of buzz in the software automation industry:
- Detection of fraud
- Verify the information
- Handling customer service
Detection of fraud
Users can detect various levels of fraud assaults and schemes with fraud detection software. This is accomplished in AI by analyzing massive datasets to identify what constitutes normal and deviant behavior. When an insurance claim is submitted to a provider, for example, it can be selected among hundreds of thousands of claims, each with dozens of factors and varied results. Anything that isn’t in line with ordinary claims will be marked as fraudulent.
The same method is used to detect credit card fraud. Cardholders will be notified quickly if there is any odd activity or if a purchase is made outside of their customary location. Furthermore, algorithms are trained to choose the next best line of action, which may include freezing an account, notifying the user, initiating an investigation, or doing all three. These types of technology are used by insurance and financial services businesses to automate whole end-to-end procedures that handle fraudulent claims and abnormal activity in the field of automation. As criminal schemes become more sophisticated, so will AI automation technology.
Verify the information
Verifying the identity of each user or citizen is critical for many banks, governments, and financial institutions to maintain their confidence and integrity. Before AI or automation, a human employee had to manually cross-check the information in all of the users’ documents to identify them. Face recognition, document categorization, and signature detection are now at the forefront of identity verification processes thanks to AI technologies based on computer vision techniques.
A computer vision algorithm can simply scan an ID and compare it to a submitted picture to find a match, with far more detail and without error or bias than a human can. With speed and precision unsurpassed by humans, submitted papers and applications can be intelligently extracted into a structured, machine-readable format and automatically compared with entries in a database or ID management system. As these technologies advance, automating a growing percentage of these mundane and low-creativity chores will become a no-brainer.
Handling customer service
Customer service is a high-cost expenditure for practically every company. The use of artificial intelligence to answer questions is becoming more frequent. Many retail websites now include chatbots that can respond to a range of user inputs automatically, utilizing natural language processing techniques like intent and entity classification, as well as sentiment analysis. These chatbots can identify the nature of a user’s request and make decisions about how to react appropriately. This can entail anything from locating an order number to providing a progress report to requesting a return. This saves time and money for the company, allowing it to make better use of its staff by streamlining operations.
Consider what AI can accomplish for you
Although the essay briefly discussed numerous application examples, it only scratches the surface of AI automation’s capabilities. AI and automation work together to create a workforce that focuses less on repetitive manual work and more on the human mind’s creativity and innovation. To remain competitive in the automation market, RPA suppliers must keep up with the latest AI trends and applications.