The far-reaching impact of artificial intelligence in our daily life is very much understated, even though we already see it every day. At Tech Insider 360, we explored how it will shape our lives in the future.
Think about all those times that Amazon recommended a book to you or Netflix suggested a TV show.
These suggestions are based on algorithms that analyze what you have been buying or watching. From those purchases, the algorithms learn, using them to recommend other items that you might enjoy. Behind those algorithms is artificial intelligence.
Let us dive into learning how deeply artificial intelligence is ingrained in our everyday life.
Use of Artificial intelligence in financial institutions
Artificial Intelligence is an essential tool in financial services. If organizations deploy it with proper caution, prudence, and consideration, it has tremendous potential for positive results.
To track credit card transaction requests, banks are using artificial intelligence as algorithms process information quickly. In any transactions, they spot patterns and alert users about any suspicious activity.
Banks use the credit score to determine who is eligible for a credit card and who is not. However, it is not always successful for them to group people into correct types. AI helps them to do it with precision.
Data about the repayment patterns of each individual’s loan, current active loans, existing credit cards, etc., are used to tailor the interest rate on a card. Only AI tools can come up with a solution across thousands of personal financial records.
Scanning through these records also gives AI the potential to build a loan and credit offers recommendation that makes historical sense, as it is data-driven and data-dependent.
Artificial intelligence in automobiles
You could first think of self-driving cars when you think of AI applications in the automotive industry. AI can help us achieve more than that. And when we are driving ourselves, it can keep us connected, on track, and safe.
Hundreds of sensors allow artificial intelligence to recognize risky conditions. It signals the drivers beforehand to prevent an accident or take emergency control of the car.
Emergency braking, blind-spot tracking, cross-traffic alarms, and driver-assist steering plays a role in avoiding collisions and save lives.
Vehicles connected in the network can do more than just warning us with check-engine lights, battery indicators, oil lights, and differently shaped conventional cars. AI tracks hundreds of sensors that impact the operation of the vehicle and can identify problems.
AI can spot minute adjustments that could signify a pending component failure by tracking thousands of data points per second, often long before the loss might leave you stranded.
Artificial intelligence in the medical field
There is already an enormous amount of technology and automation at play in medicine. Whether we know it or not – medical records are digitized. Appointments are scheduled electronically; patients can use their phones or computers to sign in to health centers or clinics.
When the use of technology in all aspects of life has grown, it quietly changed how we seek medical treatment.
In addition to decreasing manual tasks and freeing up physicians’ time, increasing quality and productivity, the potential for increased AI use in medicine is an incentive for us to move towards more’ precision medicine.’
Using AI will automate the following processes:
- Knowledge collection by patient interviews and tests.
- Results processing and assessing
- Using different data sources to arrive at a correct diagnosis
- Determining a suitable type of treatment (often presenting options)
- Preparing and delivering the treatment form selected
- Monitoring for patients
- Aftercare, appointments for follow-up, etc.
Automation also ensures that tasks are done quicker. It often frees up the time for a medical professional to perform other tasks.
Use of AI in Security Systems
Today, an adequate safety measure is considered when multiple security guards sit in front of surveillance monitors and observe. Indeed, this method is reasonably successful, but it does not guarantee complete protection.
The main reason for using AI for the intelligent analysis of video coming from surveillance cameras is to reduce human error.
People are easily distracted, cannot remain concentrated for a long time, find it hard to concentrate on many items at once, i.e., it is physically impossible for them to track all the security system monitors. Hence, the attacker has an opportunity to be overlooked.
IT specialists understand that the security and verification approaches perform worse, and it becomes harder to detect attacks every day.
Hackers can secretly target companies and individuals quickly, hide from security systems, and deceive users’ authentication mechanisms.
A natural way of evolving technology is the incorporation of artificial intelligence into personal and cybersecurity systems. AI-managed systems are objectively more effective and human-factor-free.
Use of Artificial Intelligence in education
Artificial Intelligence helps figure out what a student does and does not know. It can provide a tailored study schedule considering each learner’s knowledge differences. In this way, AI customizes studies according to the student’s individual needs, increasing their effectiveness.
With the aid of artificial intelligence, we can create interfaces with customization options for digital learning, digital textbooks, bite-sized lessons, study guides, and much more.
Also, AI helps create and update the lessons’ content, keep the data up-to-date, and optimize it for various learning curves.
Even when TAs divide it between them, grading homework and exams for extensive lecture courses can be tedious work in college.
Teachers also find that grading takes up a considerable amount of time, even in elementary classes. The result is not having enough time to meet with students, plan for the course, or focus on professional development.
Artificial intelligence might not grade the exam scripts as humans do, but it’s getting very close. For almost any form of multiple-choice questionnaires, it is now possible to put grades automatically.
Common types of exam processes such as fill in the gaps, MCQs, true/false, including assessing students’ writing, and other types of testing with AI might not be far behind.
In their lectures and instructional materials, teachers can not always be aware of differences that may leave students uncertain about some ideas. Artificial intelligence offers a way to solve the issue. This is already being put into effect by Coursera, a vast free online course provider.
If many students answer incorrectly to a homework assignment, the device warns the instructor. It sends a personalized message to potential students that provide recommendations for the correct answer.
Artificial intelligence in smart home
You might already use some form of voice-assistant gadget powered by AI to get the latest news or weather forecast every morning.
But those AI networks could serve as the brain for entire homes in the smart home of the future, learning about residents and organizing and automating all of their different intelligent gadgets.
It’s 6 A.M., and there’s a ringing alarm clock earlier than usual. It’s not a malfunction: your smartwatch has scanned and changed the schedule because you have the big presentation first thing in the morning.
Your shower turns on and warms up to your preferred 103°F automatically.
The solar panels on your roof and wind turbine are charging your electric vehicle. When you return home later, you find that a drone has delivered a package of cold medicine.
It turns out, health sensors installed in the bathroom detected signs of an imminent disease and automatically placed an order.
Good thing you knocked the presentation out of the park already. All this movie-like interpretation of a smart home powered by AI will be a reality ten years from now, as predicted by Berg Insight, a research firm in Sweden.
Artificial intelligence in transportation
Autonomous vehicles are one of the applications for AI innovation. The idea of autonomous cars, once just a sci-fi vision, has now become a fact.
While people during the developmental stages were wary of this technology, driverless vehicles have already entered the transportation field.
Autonomous taxis already operate in Tokyo. However, the driver has to sit in the car for safety purposes to take control during an emergency.
Sensors and cameras embedded everywhere on roads will gather the vast bulk of traffic information to manage the traffic scene.
AI-powered systems and big data analytics in the cloud will process this information. The evaluation will result in a precise traffic pattern that will help ease congestion.
From data mining, it can glean helpful insights like traffic forecasts. It can provide important information such as traffic congestion, collisions, or road blockages to commuters.
Also, it will inform the commuters about the shortest path to their destination, helping them commute without traffic problems. It can thus use AI to decrease unnecessary traffic and increase road safety and decrease wait times.