Artificial Intelligence (AI) has always been a fascinating concept for technology enthusiasts. It has significantly impacted man-machine interactions. AI is now playing a pivotal role in customer engagement and brand building. Areas such as “neural networks” are witnessing great innovation. Neural networks mimic the processes of real neurons, which means machines become capable of performing cognitive functions such as thinking and interpreting.
Constant innovation in AI is enabling machines to process information on a very sophisticated level and perform complex functions. In 2018, Big Data has emerged as the biggest enabler for Machine Learning and AI. Considering the pace at which investments are being made in research and development in AI, it will play a significant role in our daily lives in 2019.
Here are a few areas that AI will disrupt in 2019:
Automated Transportation – AI is disrupting the transportation industry. Automated transportation models and new vehicle designs are being developed across the globe. In October 2016, one of the leading cab services provider announced a driverless truck made by Otto that successfully drove 120 miles at 55 mph without any issues. Daimler has produced an 18-wheeler semi-autonomous truck with an auto-pilot system. Major challenges in the transportation industry like safety, reliability and energy emissions are providing huge opportunity and a potential for high ROI for the AI innovation.
AI-powered Digital Assistants will become smarter – We are accustomed to interactions with Alexa, Siri or Google Assistant. These AI enabled digital assistants are highly efficient at understanding and interpreting human language and behaviour. Rapid improvements in key underlying technologies such as Voice Recognition and Natural Language Processing are making digital assistants smarter and more competent.
AI in the banking industry - AI is transforming the banking industry and the way it serves its customers. AI is enabling banks to understand their customer’s needs, analyze their behavior and decode patterns to target them better. When customers call a bank, they don’t have to spend hours waiting to get assisted. AI-powered chatbots attend customers’ requests in real-time. Banks are exploring possibilities to incorporate AI in their fraud protection system to make it more advanced and sophisticated.
AI is disrupting every industry and creating new opportunities. Gartner predicts that by the end of 2019, AI will create more jobs than it is taking. The Manufacturing sector, alone, would create 2.3 million jobs. As per reports, AI will create job opportunities in various sectors such as banking, insurance, retail, education, manufacturing, healthcare, etc.
The year 2019 will be an exciting time for technology! AI is undoubtedly progressing and augmenting efficiency in every industry. The application of artificial intelligence in every sector will solve business problems and bring new ideas to life. Hence, billions of dollars are being invested in the advancement of AI. As per a recent research report, investments in AI will increase by more than 50 percent and reach up to US$57.6 billion by 2021. That’s a clear indication that we would witness some exciting disruptions in the years to come!
Kunal Nagarkatti is the Chief Operating Officer (COO) at Clover Infotech. He has been with Clover Infotech for over seven years now. In these years, he has been handling various important roles including setting up the “Application Services” practice, and also heading the global Sales function for Clover Infotech. He has been instrumental in Clover Infotech becoming a well-sought IT Services provider. Clover Infotech today counts most of the leading banks and insurance companies in India as its clients. The company has been growing at a CAGR of close to 34% over the last 5 years.
Kunal spearheads key initiatives in niche service areas such as Digital Transformation, Analytics, and Cloud based solutions and delivery models. Kunal is also responsible for enhancing Clover Infotech’s presence across international markets such as Middle East, Europe and the US, wherein the company is already serving globally renowned marquee clients.
Kunal brings in diverse experience of over two decades in the IT services and payments domain. He has rich experience and expertise across banking, financial services and insurance space and has also handled strategic roles in the United States as well as India.
Prior to joining Clover Infotech, Kunal was the Chief Technology Officer (CTO) at Tech Process, India’s leading electronic payments firm. He is an electrical engineer from Manipal University and holds an MBA in marketing from NMIMS, Mumbai.