Artificial Intelligence, Privacy & Ethics
Artificial intelligence (AI) is an area of computer science that emphasises the creation of intelligent machines that work and react like humans.
- Some of the activities computers with artificial intelligence are designed for include: Speech recognition, Machine Learning, Natural Language processing
- Artificial intelligence can be used to solve problems across the board.
- AI can help credit unions increase sales, detect fraud, improve customer experience, automate work processes, provide predictive analysis, forecast the future.
- Research in AI has focused chiefly on the following components of intelligence: learning, reasoning, problem-solving, perception, and language-understanding.
Some Applications of AI
Customer Services – Chatbots
Whether it’s answering questions, assisting customers carry out tasks, or providing people with information, chatbots are enhancing user experiences and customer service delivery today more than ever.
Decision Making– Machine Learning
AI can be applied in decision making processes. For example an AI can be used in loans application to determine the likelihood of customers repaying the loan and speed up the entire application process.
Revenue Forecasts – Predictive Analysis
AI enables organisations to predict what will happen in the future by learning from previous and current trends.
Fraud Detection
AI can help businesses detect and mitigate fraudulent activities across the board by monitoring and highlighting irregular patterns.
Account Management
AI can enable customers manage their accounts effectively from the comfort of their homes without interfacing with staff. There are many more applications of AI, we are only limited by our imagination and capacity.