Fintech Archives ~ Page 2 of 2 ~ My Mobile India

It’s safe to say that Mobile Phones have become inseparable parts of our lives now, no exaggeration! Humans are more connected with their devices than other humans, and with the growing incorporation of technology, the mobile world is expected to see better opportunities in the form of experience-as-a-service. And the raising questions on the capabilities of the traditional mobile apps is clearly posing demand for a more personalized experience. We are fast approaching the world of smart homes, driverless cars, and connected devices. According to some market experts, almost 80% of all emerging technologies will use Artificial Intelligence, and there is no doubt that soon intelligent apps will become an integral part of this world. In fact, they already are! A series of development and modification has carved the smartphones that we use today, a smartphone is capable of doing many tasks hence making it an essential component in our lives. And with smartphones, apps come into existence! Over time many advances and modern applications have been made, which are able to do multitasking and complex operations, and with the emergence of Artificial Intelligence, the way we use apps has been changed completely. Now apps that can be smarter and can learn more are much in demand! What are Intelligent Apps? Now let us understand what intelligent apps really are! In simple terms, intelligent apps are the one which uses modern technologies like artificial intelligence. These apps are intended to perform the basic operation rather than used to perform complex tasks that can be automated with continued usage, as the app learns from the operational behavior of the users. These apps provide a personalized user experience combined with adaptability. Intelligent apps use the power of combining data organization, user predictability, prescriptive analytics, consumer data, and operational data. With the use of artificial intelligence, intelligent apps engage with users in unimaginable ways, ways that were earlier not known and were considered just in theories. Embedding AI and analytic technologies help create the ability to act intelligently on the feedback the app receives from its environment. Aware of their performance and interactions with the user and other applications, intelligent apps autonomously learn, adapt, and discover patterns of behavior. As an intelligent app is used, it increases what it learns and uses predictive analytics to quickly adapt to the information it receives. These smart and intelligent apps make our lives easy by learning from us, thus developers around the world are more focused on intelligent apps rather than single-operational-apps. The app market is versatile and changing very rapidly. What are the Characteristics of Intelligent Apps! Besides Artificial Intelligence the smart apps also use technologies including Machine learning, the Internet of Things, and big data analytics. And because of these cutting-edge technologies, the intelligent apps develop some easing characteristics or features: Ability to learn - Intelligent apps continuously learn from user interaction and improve their performance based on the acquired historical data. Ability to predict - Unlike traditional mobile applications, smart ones predict what information or suggestions would be the most relevant to the user and proactively reach out to users, not vice versa. Ability to automate - Intelligent apps analyze and make decisions basing on the vast amount of data, thus completing many tasks without waiting for user commands. Omnichannel – These apps understand what users expect and thus ensures to give the same experience on all the communication channels. With all such features, intelligent mobile apps are paving the way to do business more effectively and profitably. They are enhancing the efficiency of the workforce, accelerating the decision-making process, gathering better insights, and thus, delivering long-term benefits. The Apps: The emergence of AI and the development of apps has definitely enhanced the customer experience and the transition to enterprise mobility is in powerful demand right now. Here are some of the examples that prove this point very well! Alexa, Siri, Cortana, and Google Assistant Almost everyone on this planet is aware of these voice assistants, and all will agree that these personal assistant apps are great AI applications that leverage natural language generation and machine learning to become excellent assistants and companions to their users. They can give updates, answer our inquiries, adjust smart LEDs, schedule meetings, play our favorite music, and even tell jokes. That time is not that far where we will just command and everything around us will happen automatically! Netflix Gone are the days of big movie theatres, the Covid-19 pandemic has provoked us to shift from the traditional way of watching movies and the Netflix app has caused much disruption in the media industry and has surely leveraged AI in its mobile app. Thanks to big data analytics, the brand can give accurate, personalized movie recommendations — a feature that millions seeking something to watch deeply appreciate. Elsa Elsa (English Language Speech Assistant) is a renowned teacher of English pronunciation. The app gives accurate feedback on the user’s pronunciation and adapts the training to his unique needs. Ada Health The AI-based app is often called a doctor in your pocket: it carefully listens to users’ symptoms, asks clarifying questions, and helps to navigate to the most suitable care analyzing the responses against rich data of similar cases. Seeing AI The Seeing AI is a talking camera app developed by Microsoft for visually-impaired people. The computed vision is so powerful, it can help users identify currencies, handwriting, colors, images in other apps, and even the age and emotions of people speaking to the user. Microsoft Pix Camera The camera app uses AI to help users retain the best memories of their unique moments. Namely, every shutter click makes the camera capture 10 frames, and AI, in just a second, selects up to three of the best ones to store. Intelligent Apps at work: In this section of the article we will cover in detail the different domains where we can use these apps: Healthcare Sector – this is one of the most important and evergreen sectors, which faces new challenges every single day, and because of this, the health sector can surely take advantage of intelligent apps. Many AI-based learning models are being used to train machines about the sector and also many low-level cures are being done using the solutions provided by artificial intelligence. With the onset of the new decade, healthcare and intelligent apps are a perfect match for each other. Also, the Covid-19 pandemic has taught us a lot, there is immense scope of improvements and demand for AI-based apps to deal with anything like Covid-19 in the coming future. Education Sector – This is one sector that has already started to use the benefits of intelligent apps. Thanks to the Covid-19 pandemic the focus has shifted to digital education more. The market is set to reach high numbers in terms of income and growth. Intelligent apps can be used to assess students and understand their behavior and learning patterns, upon which a better and personalized learning model can be introduced in the education system. Intelligent apps can be used to provide learning assistance based on an individual’s learning ability. Finance Sector - The finance sector is one of the largest sectors to target for any developer or company which makes intelligent apps. Finance, when combined with technology, is called, Fin-tech. With the help of smart apps, the financing sector can reap rewards of potentially high profit and stabilized market. The intelligent apps can accurately predict the changes in the market based on the ongoing as well as past events, analyzing the companies and their profit ratio. Food Businesses – This is one sector that is using AI-based apps heavily. Users around the world are ordering food online, or booking restaurants. These apps not only suggest users the meals based on their previous choices and their interaction with the app but also of great help sometimes. The mode of marketing and user acquisition is completely changed, not only the app companies, but restaurants are also making profits and acquiring customers from delivering food online. The Future of Intelligent Apps! Undoubtedly, intelligent apps multiply the effectiveness, but they are also giving the mobile apps a human touch. Of course, all the responses are generated by the algorithms, but at the same time, it still feels great that someone or something is listening to you and getting all your complex tasks done with ease. Intelligent apps are touching upon all the major areas of our lives now, be it Media, Healthcare, Education, Finance, etc. These apps are implementing tasks with the highest accuracy. Gradually everything around us is becoming smart and intelligent, the future is definitely incomplete without Artificial Intelligence!

Fintech

The New Era of Mobile Solutions: Intelligent Applications!