Artificial intelligence is transforming every industry and taking over the tasks performed by human intelligence. AI is used very commonly as a crime-fighting tool, customer analysis tools and data management, etc. Due to its various purposes, the AI has been used widely among all types of enterprises. According to a PWC survey, 20% of US executives are planning to use AI organization-wide by 2020. Hence, the AI industry is expected to contribute $15.7 trillion in the global economy by 2030.
AI as a Crime-fighting tool:
The AI has been widely used as a crime-fighting tool because fraudsters have developed advanced ways to fraud businesses through the use of stolen identities. For example, 3 million identities were stolen in the US in 2018 and more than 40% of them were used to defraud businesses and financial institutions like banks. Also, banks and fintech institutions of cryptocurrency, etc, have been exploited by the money launderers for illegal transfer of money and to hide the money trail.
Banks and financial institutions have been using identity verification products to reduce losses and ad penalties due to money laundering. Facial verification, geolocation verification, customized consent verification are the AI-based risk mitigation tools widely used by the enterprises.
Also, the online businesses that sell age-restricted products have been using AI-based online Identity Verification products to identify the age od the customer through their ID. Because it is a common practice that high school kids use fake IDs to get alcohol, drugs and many more, which rise life-threatening situations for them and cause huge penalties for the businesses
AI for better corporate governance:
AI intelligence is widely used to enhance the corporate governance of enterprises. PWC survey of 2019 found that 52% of executives are planning to use AI for enhancing the corporate governance practices of the organization. The AI-based product called “Einstien” is a tool used as a smart AI-based CRM to the executives. It analyzes the company data and give predictions regarding market, customer behavior, company operations, etc. AI-based predictions are trusted and used by the executives for effective risk management, better decision making and improve company value and employee performance as well.
AI has been helping the gaming industry in screeing the gamers audience and finding the chatbots among the real players. The player moves are checked and analyzed to identify if a real person is playing or it is a bot. This will help the businesses in reducing their risk of loss due to money launderers.
To conclude, Artificial Intelligence has evolved as a self-productive tool for all types of businesses and industries. Everyone has been using it, either it is a financial institution, government agency, a business or a non-profit organization. The attributes and capabilities are not limited to those mentioned above but are numerous and evolving with the passage of time, opening new doors of technological advancements for mankind.