We are living in a new technological revolution, where machine learning applications are used in our daily life, from unlocking our smartphones to making bank transactions.
Below, we look at ways that we all use machine learning in our day to day lives.
Financial Sector & Banking
Machine learning is reshaping the financial services industry. One example of this is in banking – for fraud detection and fraud prevention. These applications help to identify and flag fraudulent transactions, helping banks to connect with customers as soon as possible – enhancing customer experience, as well as adding an additional layer of security for businesses.
Personalised banking also uses machine learning techniques, to anticipate customers needs and targeting segments to them. It helps to provide a service, as well as information and advice on a daily basis.
Another example is in Insurance where insurers are using these applications to identify fraudulent insurance claims early on in the claims process thus saving the Insurer paying out for the claim and time spent on settling the claim.
To help build increasingly effective healthcare, machine learning and AI is being adopted to provide medical experts with the latest technologies. We can see examples of this in symptom checking and risk management, personalised health screening and treatments of Cancer and other illnesses. This helps medical professionals to make the best use of their skills, whilst helping to inform decisions and save time.
Machine learning powers most of the features on our smartphone, from voice recognition and assistants, to unlocking your phone via face recognition. Speech recognition can be seen in Apple’s Siri and Amazon’s Alexa, all of which are powered by machine learning algorithms – using NLP (Natural Language Processing), to convert speech into numbers and then formulate a response accordingly.
Face recognition to unlock iPhones has been around for a while now, and this technique uses machine learning. This is similar to Facebook identifying people in images, and the same process can be used for Governments to identify and catch criminals.
As mentioned above, Governments can use face recognition to identify criminals. However, there are more examples of where machine learning can help within the security industry. For example, websites often use a Captcha – a test to identify that you are a person and not a robot – used when making purchases online or submitting contact forms.
Machine learning can be seen in the transportation industry, from planning optimal routes, to deciding ticket prices. Google Maps is a great example of this – with a variety of different features, from estimated time of travel, to traffic updates and routes to take.
Machine learning gives us vast and endless possibilities, and is being seen more and more in our daily lives, becoming an integral part of how we live. If you’re interested in machine learning for your business, contact our team now to see how The Data Company can help.