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Research one application of AI from the lectures or from other applications you know about and...

Research one application of AI from the lectures or from other applications you know about and write a high level summary about the methods used to solve it. Provide citations for sources (e.g. articles or papers) you used to research the application.

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Answer #1

Dear Student,

One of the application of AI is :

Finance

  • Financial services companies use AI-based natural language processing tools to analyze brand sentiment from social media platforms and provide actionable advice.
  • Investment companies like Aidya and Nomura Securities use AI algorithms to conduct trading autonomously and robo-traders to conduct high-frequency trading for greater profits, respectively.
  • Fintech firms like Kensho and ForwardLane use AI-powered B2C robo-advisors to augment rebalancing decisions and portfolio management performed by human analysts. Wealthfront uses AI algorithms to track account activity and help financial advisors customize their advice.
  • Chatbots, powered by natural language processing, can serve banking customers quickly and efficiently by answering common queries and providing information promptly.
  • Fraud detection is an important application of AI in financial services. For example, Mastercard uses Decision Intelligence technology to analyze various data points to detect fraudulent transactions, improve real-time approval accuracy, and reduce false declines.

Happy Learning :)

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