The AI revolution: Banking, Retail, Tourism and Industry, among the sectors that will experience a deep momentum

Artificial Intelligence (AI) has emerged as one of the fundamental pillars on which the technology of the future will be built. Although many corporations have not yet implemented complex AI systems, or are at an early stage of AI development, AI and its different applications are perceived as a critical resource for gaining competitive advantages differentials in the face of competition. In fact, according to Vector ITC, ASpanish technology and digital group, Artificial Intelligence will continue to revolutionize the business ecosystem, generating a profound impact in certain sectors such as Banking, Retail, Tourism and Industry. It is estimated that by 2020, this technology will be one of the top five investment priorities for more than 30 CIOs worldwide.

Banking: providing value to the entity and the user.

Methods like Machine Learning are already helping financial institutions from numerous operational fields, applying to fraud detection (through supervised and unsupervised learning) and risk management. As for the latter, we are already talking about RegTech (Regulatory Technology) as the set of tools that optimize the risk management of banking sector entities.

From the perspective of the value provided to the user, the proliferation of virtual or voice assistants, capable of processing verbal orders (NLP), will allow the user to manage all their banking products and services within the digital ecosystem, generating this way a kind of “virtual office”. It is estimated that 31% of the consumers will use voice assistants instead of visiting a store or bank office within three years. In addition, buyers will spend up to 500% more than they do now along this route.

Retail: generating growth thanks to customization.

In the Retail sector, intelligent automation based on Artificial Intelligence is already generating growth thanks to its adaptability, agility, problem-solving capacity and, above all, thanks to its capacity for self-learning.

“Capital enrichment” is occurring in the retail sector as a result of AI-based economic growth. With a wide variety of tools, companies can better understand their customers’ preferences, then providing them with personalized experiences and offers, the result of intelligent hyper-segmentation.

Artificial Intelligence also allows to customize the digital resources of companies in real time when the customer is making use of them, generating highly personalized recommendations of products according to their tastes and offering a response effective and immediate from customer service centers, resulting in a drastic improvement of the customer experience (CX).

Boosting AI in the Tourism Sector.

AI plays a key role in the effectiveness and efficiency of tourism recommenders and comparators; being a key tool for the momentum of the Tourism Sector, mainly in online environments. Such solutions are powered by a large volume of data that is analyzed intelligently, mainly operating according to three data models based on popularity, content and user history. Thanks to the fingerprint that users generate, it is possible to generate more and more complete customer profiles, analyzing likes, trends, preferences, etc.; a fact that allows AI to create increasingly homogeneous user clusters.

Industry: Robotics and Task Automation.

In the industrial field, robotics and the implementation of various AI-based systems continue the work done by other automation technologies in the past; but greatly expanding the range of industrial tasks and processes that can be optimized. These systems are not limited to replacing the tasks they require of the human force, but currently technologies powered by Artificial Intelligence are able to retrieve information, coordinate and optimally control the logistics strategy, manage inventories, provide services, write business reports, etc. With the progressive automation of tasks intelligently, the optimization of production processes is the inescapable objective towards which the industrial sector is directed.

“Sectors such as Banking, Retail, Tourism and Industry are being radically transformed by Artificial Intelligence, thanks to the improvement, automation and optimization of their respective processes; playing an essential role in boosting its activity, development and economic expansion”, Rafael Conde del Pozo, Director of Digital & Innovation at Vector ITC, adds: “AI affects all sectors and will, in fact, increase its prominence both in the day-to-day life of users and in business production processes. Companies must analyze and visualize the disruptive possibilities that AI facilitates, executing innovative projects focused on intelligent technology; being aware that acting agile is critical, since waiting for AI and its applications to fully mature in the market carries the risk that it will be too late to strategically position and be competitive.”