AI leaping into healthcare & finance sector, its transformative power to offer new solutions

Artificial intelligence (AI) has become powerful beyond the realms of imagination with advancements in technology. Machine learning technology and deep learning technology have been utilized in finance and healthcare sector for determining future events. The healthcare sector has been utilizing the power of AI for detection of diseases, diagnosis, and treatment. On the other hand, the finance sector has been utilizing AI for determining trends, offering valuable insights, and lower the risk. The innovative applications of AI have been discovered and the market for AI is booming. According to the report by Allied Market Research, the artificial intelligence market is expected to reach $169.41 billion in 2025. With progress of AI, different solutions have been found.

AI has made leaps into different fields and healthcare is no exception. According to the research published in The Lancet Digital Health, deep learning, a field of artificial intelligence can be utilized in detection of diseases with medical imaging. The study found that AI has become a viable source to gain medical information and determining diseases for carrying out diagnosis. Researchers carried out 14 studies in which they compared deep learning models with healthcare professionals in the same sample. According to the study, diagnostic performances were nearly the same. Researchers also stated that deep learning will become more effective in coming years when it comes to identification of diagnosis.

Along with diagnosis of diseases, AI can find its application in possible treatment. Pharmaceutical company Bayer collaborated with tech firms for developing a software that can assist in diagnosing complex and rare conditions. In addition, it would help in developing new drugs for treatment of diseases. The firm has worked with hospitals and researchers for identifying the machine learning requirements for learning the way patient’s medical condition can be diagnosed. The data can be gathered from various factors including cause of disease, data related to symptoms, test results, doctor reports, and medical records.

The finance sector has also begun utilization of AI to solve problems and gain solutions. NatWest Bank began using AI and data sets for prediction of future events in sectors it is operating. It collaborated with Microsoft and DreamQuark for determining the potential behavior of markets including mortgages and loans to small to medium-sized enterprises. The bank aims to determine potential risks and opportunities with the help of machine learning technology. This technology has been utilized against the currently employed methods of the bank to identifying market conditions for the future. Kevin Hanley, director of innovation at NatWest, highlighted that the technology would add a significant value to its customers and shareholders by predicting outcomes, risks, and trends. This will be the first time when the company would be able to offer view of the future, which in turn, would help in building a better bank. DreamQuark outlined that it would offer a zero-code machine learning platform for businesspeople and consumers to develop applications without a need to write any codes. Cindy Rose, CEO at Microsoft UK, stated that the implementation of AI for offering sophisticated insights, improving performance, and lowering risk is an excellent example of harnessing power of AI.

Reference:

computerweekly.com

forbes.com

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