3 Applications Where AI Shines
Artificial intelligence (AI) technologies have quickly gained traction across a wide variety of applications technology fields. As the number of AI applications expands, so do the industries that leverage the latest AI technologies. This is especially true for Robotic Process Automation (RPA). Several of the most cutting-edge AI and machine learning technologies are making a tremendous impact on the way decisions are made and how tasks are processed, and it is apparent that they will continue to do so. The demand to phase out repetitive tasks will only increase in the future, and automation, in combination with AI, is set to continue to push that trend.
This blog article focuses on three major applications making big ripples throughout the software automation industry:
- Fraud detection
- Identify verification
- Customer service handling
Fraud detection allows users to identify various levels of fraud attacks and schemes. In AI, this is done by using large datasets to determine what is normal and what is abnormal behavior. For example, if an insurance claim is submitted to an insurance provider, it can draw from hundreds of thousands of claims, each having dozens of variables with varying outcomes. If anything is out of line with typical claims, they can be flagged as fraudulent behavior.
This same technique is used in credit card fraud detection. If there is an unusual activity or if a purchase occurs outside of cardholders’ normal whereabouts, they will be immediately alerted. Not only that, but algorithms are trained to then decide what the next best course of action is—whether to freeze an account, notify the user, launch an investigation, or perform all three things. In the realm of automation, these kinds of technologies are leveraged by these insurance and financial services companies to automate entire end-to-end processes handling fraudulent claims and anomalous activities. As fraudulent schemes become more and more advanced, so too will the AI automation technologies that tackle them.
For many banks, governments, and financial organizations, verifying the entity of any user or citizen is of utmost importance to uphold the trust and integrity of their institution. Before AI or automation, a human employee had to go through all of the users’ documents to manually crosscheck information to identify them. Now, AI technologies, based on computer vision techniques, bring facial recognition, document classification, and signature detection to the forefront of the identity verification processes.
A computer vision algorithm can simply scan an ID and compare it to a submitted picture to identify a match, with much greater detail than a human can and without error or bias involved. Submitted documents and applications can be intelligently extracted into a structured, machine-readable format and automatically compared with entries in a database or ID management system, with speed and accuracy unmatched by humans. As these technologies continue to mature, it will be a no-brainer to automate an increasing number of these menial and low-creativity tasks.
Customer service handling
Handling customer requests is a costly overhead for nearly every business. Using AI to handle inquiries is an increasingly common use case. Now, many retail websites have chatbots that can automatically respond to a variety of user inputs, leveraging natural language processing techniques such as intent and entity classification as well as sentiment analysis. These chatbots can identify the nature of the request from a user and make decisions to respond in an appropriate manner. This includes anything from identifying an order number, providing a status update, or submitting a request to return an item. This saves the business time and capital, allowing it to more efficiently utilize its employees by streamlining processes.
Imagine what AI can do for you
The article has briefly gone over several use cases, but it barely scratches the surface when it comes to the possibilities of AI automation. AI and automation go hand in hand in creating a workforce that is focused less on repetitive manual labor and more on the creativity and ingenuity of the human mind. It is clear RPA providers must stay up-to-date with the latest AI trends and applications to remain competitive in the automation market. At Automation Anywhere, we are committed to developing the most cutting-edge AI applications and are excited to see what the future of AI and automation beholds.