Have you ever recommended a brand, a company, or a product to your peers, friends, or family members? Have you personally experienced something good in your CX journey? That is where the role of customer service arrives. There are tools like Net Promoter Scores(NPS), invented by Bain & Company in 2003, that measure scores of customer loyalty on the scale of 0 to 10. However, NPS cannot derive actionable insights related to customer services and the likes. This is an exclusive domain dominated by the one and only AI (Artificial Intelligence). There exist multiple use cases of AI enhancing customer services and redefining customer service operations. In this age of AI-powered customer service analytics, application leaders and businesses have enough on their plates to leverage the potential of AI in customer services. Let’s see how!

1. Biometric Solutions

You have come across this powerful use-case that AI emanates. For authentication purposes, AI-enabled biometric solutions are helping industries towards customer services on a great level. There are typically two types of Biometric Solutions – Physical Biometric Solutions and Behavioural Biometric Solutions.  The former does the analysis of human body parts like that of a person’s face, fingerprints, iris, whereas, the latter analyzes behavioral patterns like voice tone, gait, emotions, etc. This way, AI-powered biometric solutions are acting as a secure way to authenticate identifications and access control.

2. Voice & Face Recognition

Well, just now you saw how biometric solutions help authenticate the identification process.AI is continuously contributing to machine’s biometric capabilities with add-ons like voice recognition. Also, it empowers face recognition capabilities by basic comparisons of facial features with respective images and videos lying in a database. For instance, an AI-powered algorithm analyzes the shape of the jaw, width between eyes and then finds a relevant match using specific data. And how AI does voice recognition? The AI-powered voice recognition tool uses data like voice pitch, tone and encodes them (after digitizing words captured from voice). This leads to forming a unique voiceprint of the very individual. This way, unique identification and authentication of the speaker are done by his voiceprint.

3. Predicting Intent

Based on web activities, AI-powered predictive analytics help predict the intent of customers. What your customer will do in the future can be foreseen via their signals like clicks, views, purchases, and varied customer behavior, which are analyzed by the AI-enabled applications, predicting intent thereafter. The AI-powered predictive solutions are leveraging the technology combining relevant data that ultimately help in determining the intent of customers.

4. Chatbots or Virtual Assistants

Chatbots or Virtual Assistants utilize AI-ML capabilities to serve customer queries through a  live chat messenger. These AI bots store endless, massive volumes of data and have real-time access to information while predicting customer behavior, too! AI-enabled chatbots and humans collaborate for optimizing interactions occurring with varied customers! Thus, conversational AI-ML chatbots are proving to be a great boon to businesses requiring help in the customer service domain.

5. Emotion-Analytics

AI-based-Emotion Analytics help in classifying customers’ moods based on which they are routed to the right agents. Take, for instance, if a customer is happy, the analytics route him to the sales team where he can be pitched for a certain product/service. Similarly, if a customer is angry, he will be directed to the customer retention team for appropriate guidance. Thus, AI-based Emotional Analytics helps to analyze a customer’s mood, his verbal/non-verbal communication for adequate pitching by the concerned teams.

6. NLP Text-Analytics

NLP means Natural Language Processing. It is AI-ML-powered speech and text recognition analytics that help in analyzing customers’  moods based on texts as well as speech.NLP applications help to derive analytical insights from multiple sources such as reviews, blogs, social media posts, varied forums. Companies can leverage this immense AI-ML-NLP capability in the customer service department, gaining valuable insights at the micro-level.

7. Predictive Personalization

Predictive personalization, predictive maintenance is other significant use cases of AI in the customer service area. AI-based predictive analytics help provide personalized recommendations to target customers and even can identify probable customers who seem to be at churn-risk, who can be proactively handled by the customer service department. This leads to an improving retention rate. This technology can work wonders via predictive maintenance jobs. AI-powered predictive analytics, predictive maintenance solutions can predict technical issues, maintenance issues proactively, before time. Precautions measures are taken thereby averting any serious issues to occur. For example, reducing breakdowns for delivery trucks, for elevators, reducing out-of-service time, optimizing network performances, etc.

8. Computer Vision for Object Recognition

Another AI-use case is an analysis of digital images, videos and automatically understanding of the contextual meaning. AI-powered Computer Vision technology processes and analyses objects, thereby allowing systems to recognize and classify them accurately. It reduces the workload of varied contact center agents. How? By automatically routing specific customer inquiries to chatbots or the so-called self-service channels.

9. Agents Training & Productivity

As a business owner or decision-maker at contact centers, you can utilize AI-powered call-center training tools for imparting advanced training to agents. You can manage to increase boost their efficiency, productivity by using varied tools, like Virtual Employee Assistants, (VEAs), call center training tools like gamification, etc. You can manage to reduce your agents’ onboarding time, ensuring their productivity from day one.

10. Optimization of CLV

CLV stands for Customer Lifetime Value. It is a valuable metric that is used to track the relationship value quotient of customers with your brand/company. AI-powered CLV helps you to identify your loyal customers, as well as you can find the underlying value quotient your customer carries for you. Sometimes, retaining existing customers fetches you a higher ROI than getting the new ones.

AI for Valuable Business Insights

Adopting AI to spot trends, fetching insights based on massive customer data is something you cannot ignore in today’s world.  These business insights become the base for the decision-making process in your company. AI-powered holistic solutions, customer analytics, all help in automating business intelligence, facilitating a wide range of business applications in your organization. AI leads towards huge cost-reduction, increased digital self-service effectiveness, as well as enhanced customer engagement.

How can AI-powered customer service analytics and other AI capabilities enhance your business potentials? Explore from our wide range of dedicated AI applications suitable for your business. Contact Us.

Do you know the global market value of AI is estimated to reach $267B by the year 2027? That’s an inspiration you can derive out of the digital technology that is creating a big spur in all the markets, across industries, throughout the galaxy. Yeah indeed, you can’t expect NASA to go to MARS without an AI, can you? So, imagine how your business can survive without involving AI leveraging its massive capabilities across functional areas! Applications of AI in modern marketing are something you need to ponder over. Because marketing is crucial for any business to reach target customers at the right time, with the right message, through the right channel. Let’s discuss applications of AI in modern marketing and how the technology is benefitting the marketing industry.

Importance of AI in Marketing

AI or Artificial Intelligence is expanding its tentacles beyond human competence in marketing. Digital technology is helping marketers create impact within budget involving cost-effective methods. Combining AI-enabled tools, analytics, and customer data, as a marketer you can anticipate what your customers want, and their next moves.

Using AI:

• You can know your market better
• You can create compelling content
• You can execute personalized, effective marketing campaigns
• You can get accurate insights on customers and the target market segments
• You can avail of smart marketing solutions based on the insights given, and this would lead to boosting profitable returns.

AI Applications In Marketing

1. Optimizing Product Prices and Placements

Setting Competitive Prices:  You can leverage  AI to know your competitors’ pricing data and optimize your pricing accordingly. Setting competitive prices increases the potential to maximize revenues.

Optimizing Physical  Placement of Products: AI-ML along with Big Data can be used to optimize online as well as offline product placements of your brand. AI-powered robots, images, videos, etc. help you in shelf-auditing and analysis, how much space your merchandising needs, and overall optimal use of the shelf space in an exact manner. Take an example of Lowe’s AI-powered robot. AI-based solutions help you to analyze shelf space and manage it appropriately based on images, and other related inputs.

Optimizing Digital Placement of Products: AI marketing tools can help your business to manage, improve all sorts of product information, modifying, updating related descriptions (about box, product, etc.)automatically. This helps in improving product appeal and discoverability. Also, AI-enabled Machine Vision enables customers in the visual search of their desired products. Image tagging leads to improve the chance of discovering related products and this is one of the ways, AI is empowering marketing in physical and digital eco-space.

2. Personalization of Strategies

AI-powered personalization of marketing strategies helps you to reach your target audience, the right customers through the right channels. Your customers will simply love to get the offers exclusively designed for them and that is possible through personalized marketing strategies. This further leads to increased customer satisfaction. AI-based recommendation systems, AI-ML-powered NLP chatbots, etc. help your marketing efforts reach goals. How? By leveraging customers’ data and reaching them back with specialized channels with personalized recommendations. Data means all the analog, digital interactions with your brand that happened across the channels viz., web, page views, email offers, online purchases, offline purchases, digital payment records, etc.

3. Optimizing Marketing Communication

AI-powered marketing tools help to create an optimized marketing communication that reaches your target customers at the right time with the right message and appropriate channels.AI tools help you to track customers’ behavior over varied devices, and ensure you reach them at the time on that device that they are presently available.

AI-Enabled Neuro Marketing: You can optimize your marketing content by leveraging neuroscience, biometric sensors to test your content and understands its impact on your target audience. To elaborate, how your content using neuroscience can influence emotions, the memory of patients. You can leverage this AI-Potential and try and test it before launching your product in the market.

Context-Based  Advertising: Marketing involves context to maximize the value of messages it conveys. Context-based or context-aware advertisings are a key to increase marketing efficiency as they ensure that the message that your brand conveys does resonate with the context. As a context-based marketing company, you can leverage the power of NLP, Machine Vision to comprehend the context where you are going to place your advertisements. You can consult an AI-Marketing expert to understand how this model can help your brand grow its market reach.

Leveraging Third-Party Data: If you want o to understand your target customers, existing customers, identify all the possible leads from varied external sources. Leveraging third-party data is a big thing to boost your marketing activities.

Omnichannel Optimization: you can optimize your marketing communication across all the channels, varied paid platforms. You can compare the impact of your strategies on different platforms.

Optimization of marketing communication involves channel-specific content generation is another area you can focus on using AI-powered tools:

• NLP based content marketing
• Mobile Marketing
• Email Marketing:
• Video Commerce
• Referral Campaigns for Loyalty Marketing

4. Marketing  Analytics

AI-based analytics help in connecting automatically all the marketing data and KPIs. AI analytics & tools enable you to identify your customer groups more accurately, efficiently manage varied campaigns, and trigger alerts leading to improve your marketing strategies. AI-powered marketing analytics, thus, allows you to discover your loyal customers, to retarget your customers based on their interests expressed on your products or services.  Some AI-enabled marketing analytics are:

• Platform- Specific Analytics
• PR-Analytics
• Social analytics

5. Leverage Customers Feedback

AI-ML helps to optimize social media channels, messages, and social posts, timing to post as well as the target audience. You can reach your customers at the right time just by seeing and analyzing their online habits!. And importantly, AI-enabled Computer Vision can help capture customers’ micro gestures, mimics, emotions helping you with the right message and feedback.

6. Marketing Campaigns

AI facilitates creative marketing campaigns and helps boost effective strategies across platforms. How can you apply AI to your marketing campaigns? The three ways you can do that:

• Predictive Analysis: AI analytics & tools in marketing helps in analyzing demographic information. It helps to identify and locate significant information about page views, bounce rates, time spent on a certain page, click-through rates, etc. AI helps you to devise a strategy that can work best for you.

• Targeting  & Segmenting Audience: AI-led ML algorithms are used to drive the target audience to your websites, applications and drive traffic. Recognizing specific content, specific users, allows you to devise marketing campaigns accordingly.

• Recommendation Chatbots:  AI chatbots help to attend to clients in different time zones to answer their queries in real-time. Especially, during a product launch, big sale, or just during any marketing campaign, these AI chatbots serve your purpose.

Final Thought

Artificial Intelligence (AI) is the magnificent digital technology that is redefining marketing in terms of its core functionalities as well as ­­­­­­­all-round effectiveness. Consumer behavior, the environment, playing a big role in restructuring marketing models along the lines of Digital and Phygital. Omnichannel presence demands AI intervention to tap the right audience at the right time at the right place. Digital Marketing, AI Marketing is the need of the hour, and it’s never too late if you haven’t started it yet!

How AI can help you achieve your marketing goals? Explore from our wide range of AI applications that are suitable for your marketing needs. Contact our Business Experts today for step to step guidance.

With the current situation, the Fintech domain is gaining significant traction from the market. The crisis created by the pandemic has effected a lot of companies, but they are adapting well by enabling trending technologies like Artificial Intelligence and Machine Learning into their systems. 

Since most of the systems are now moving towards more app-based processes, these technologies are opening gates to numerous opportunities for people interested in this domain. From SMEs to large-scaled Fintech companies- all are adopting these technologies into their systems. 

How can these AI and Machine Learning help Fintech Industries?

We know that early adopters of mainframe computers and relational databases have been Fintech companies. They were always keen to understand how technology can smoothly solve human problems, thus increasing the companies’ efficiency. These companies started adopting methods that included AI and Machine learning that was derived from various aspects of human intelligence. Varied, deep, and diverse datasets can be crunched easily by using these technologies. 

In the olden days, bankers used to assist customers better with their connections, but with digitalization, this personal touch has been lost. So, the main question here is, can technology bring back this personal touch? The answer to this is quite evident with the current advancements in AI and Machine Learning. These technologies can process large pieces of information about the customers that are practically impossible to do manually. This data that is retrieved can be used to provide better and suitable services or products to the customers. This will ensure that companies find whats right for their customers and gain customer loyalty. 

Top 6 Usecases of AI and Machine Learning in the Fintech Industry

We conducted in-depth research and jotted down the best five use cases of AI and Machine Learning in the Fintech Industry. 

1. Accurate and Improved Decision Making

As our world is quickly growing in the new technological ecosystem, it also becomes prone to several financial cybercrimes. So how do we deal with this? Thanks to AI and Machine Learning, companies can now secure their accounts and provide their users with a safe environment. When we talk about cybersecurity in Finance, we often come across cryptocurrency and blockchain concepts. However, we expect to incorporate Artificial Intelligence and Machine Learning into digital security. 

These algorithms enable us to detect any suspicious activity and also notify users regarding the same. They help us to monitor all sorts of patterns continuously and notify whenever there is anything unusual. This way, users can keep track of all the aspects, even if they aren’t available. These technologies also help us to identify any kind of illegal activity like money laundering or detect any corruption network in any institution. 

2. Fraud Detection and Security Management

Several analytics tools help us to collect and analyze data that is necessary for conviction. After this, AI tools learn and monitor a user’s behavior and pattern to identify any warning signs of fraud attempts. Machine Learning concepts can be adopted in different stages of the claims management system. Artificial Intelligence can be used to handle a massive pile of data in a short time. Thus it reduces the overall processing time. This results in better customer experience for the users. 

3. Automated Customer Care/Support

Chatbots are one of the most popular AI applications. They have started to receive considerable attention due to the involvement of Machine Learning. These chatbots can interact with customers at any given time and hence are quite handy. Fintech Industries use these bots to solve a significant number of customer complaints at the minimum expenditures. Since COVID-19 has given us the new normal of social distancing, Finance companies may soon adopt more of this technology to solve their customer problems. 

4. Insurance Management

Artificial Intelligence will automate the underwriting process and thus use more crude information to enhance customer decision making. This technology can help insurance management by providing automated agents that can help customers online and guide them with all the requirements. Usually, people opt for insurance when they have suffered a loss, and for a faster process, automatic underwriting can be used. For example, if you feel some treatments may be expensive for insurance, it is better to detect these risks for better prevention. These risks can be calculated by using a Machine learning algorithm that will consider historical data.

5. Predictive Analysis of Stocks

Predictive analysis can serve as a game-changer in various financial services that most affect business strategy, revenue collection, sales, and resource optimization of a finance company. It will help in enhancing different operations and refining internal processes, thus transcending all the competitors. This analysis can help in the calculation of credit scores and hence help in the prevention of bad loans.

Final Thoughts

The current situation has given us the opportunity to explore what technology is capable of. It is time that the Fintech Industry adopts these technologies and makes the best use of it in the near future. 

According to WHO, Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. The COVID-19 virus spreads primarily through close contact.

Technology is acting as a boon in this situation. With the growing advancements in this field, we can see how it is helping in the healthcare sector and yet how this same technology is helping us stay connected with people worldwide. People are socially distancing one another yet are closely connected to various virtual platforms. We will not try to alleviate this situation by saying that this outbreak is bringing us close, but let’s not forget every situation has a silver lining

1.Work from Home

After taking technology for granted all these years, we are forced to address the technology and the digital platform for what it is meant to. People continue to work at home and are helping save an economic meltdown. According to a survey by Workhuman, only a third of people in the United States worked remotely before the pandemic. But now almost all businesses, meetings are carried out virtually on a digital platform. Companies that relied on manual work are forced to do things digitally. Digital platforms are allowing companies to carry out most of their work online in a seamless manner.  It was imperative to transform our workplaces digitally. But not anymore.

2.Education Sector/ Remote Learning

This outbreak also shut down various schools and colleges across the world, thus hampering the education of students. This is giving e-learning platforms a perfect chance to flourish. The concept of remote learning was known but was not widely used until now. Many universities have decided to adopt an online curriculum to support continuity. Students and teachers are forced to adopt the new technologies and tools required for learning. This transition into digital education is disruptive and it has the capability to make education easy for the coming years.

3.Telehealth

Doctors are encouraging the use of telemedicine widely across the world. This kind of technology can be proved useful for people in the current situation as it would curb human to human contact.

4.Technology/Automation

Technologies like AI and ML are helping us detect the spread of this epidemic. There are several interactive mapping platforms that collect data from various sources and provide us with time to time updates. They display a dashboard that is used to provide an understanding of the current situation. New tech is being rolled out for easy detection across various countries so that the infection can be contained. Along with this, the COVID-19 genome is being sequenced to produce a potential vaccine.

5.Virtual Events

To avoid the human congregation, event organizers are switching to a digital platform. This digital platform waives the limit to the crowd and allows numerous people to attend the same event at the same time throughout the world.

Companies across the world are adopting digitalization to support their business. It is important that firms adhere to this digital platform and practice these approaches to have business continuity in times of crisis and thus keep up with the pace of the world.

Artificial Intelligence is disrupting business models across Industries! Due to some of its powerful features like the power of autonomous, self-regulated systems, machine learning, deep learning, data analytics and more it has gained deep momentum as how it is capitalized under each department right from finance to sales, from HR to marketing and operations to administration.

Based on the insights from Statica, AI is expected to increase productivity by 40% which will deliver $2.9 trillion of business value by 2021. Adopting AI in various industries will develop demand for various roles for unemployment across sectors. Also as per one of the latest surveys, Artificial Intelligence could be able to create a net result of 58 million new positions by 2022.

Across industries Finance, retail, healthcare, manufacturing and real estate all are facing challenges of different types such as security, dynamic customer expectations, inability to understand data, analytics and many more. Explore how AI can overcome all of these and can bring better outcomes for your business.

What is Artificial Intelligence and how does it works?

Artificial intelligence is the part of computer science developed to create automation for the computer to perform tasks on its own similarly like humans. AI programming focuses on three skills: learning, reading, and Analyzing.

Artificial Intelligence enables devices to learn from previous work data and performs like human intelligence tasks. Actually in fact algorithm applies mathematical logic to produce outputs (results) from input data. In AI algorithm it takes both input and output to train machines or devices together from data of previous activities to produce new outputs

Important AI Advantages in Business 2020

• User Experience

Implementing AI helps to automate the process that able to deliver a responsive manner for any queries asked by customers, as it helps to provide a highly personalized user experience.

Companies can now strongly manage large volumes of data arriving from all related sources and have a better insight into the requirements, wants, and concerns of their consumers. AI has capable to learn from customers’ requests and enquires and deliver content as per necessities.

• Decision Making

Decision making plays an important role in customer driving that includes understanding customer perspectives and desires to align products. It has the capability to develop value in the business by accelerating decision making.

It can analyses data faster and more accurately for high volume and variety of data. Due to the volume and complexity of these data collections, machine learning can support unlock benefit from all this data in a method that humans cannot perform.

• Online Security

Security is the main thing businesses will focus more on it to prevent fraud and deception methods. Companies can utilize AI to protect information from threats and cyber-attacks on their business customer’s data. In some firms, machine learning uses AI to identify and avoid deceptions and implement more reliable online security for their profession’ and customers’ data. 

Industries like insurance, banking, retail apply AI for face, voice recognition and biometrics from customers to prevent fraud. It can use efficiently verifying the person and allowing them access.

• Data Insights

Large companies having a lot of certain data produced from various resources that can be used to set predetermined value by analyzing data. To understand certain business conditions we need to analyze data insights that can be achieved with the help of Artificial Intelligence. Machine learning presents reliable, secure, and robust data insights because it explains and treats technical and statistical complexity and the amount and quality of the data in the data set.

• Inventory management

Artificial Intelligence can handle important data that can be used for future demands. It presents a predictive analysis of markets that are expected to develop into the business. The higher a company utilizes AI, the more it receives about the clients, visitors and their actions. 

Across from all Industries and retail stores, Artificial Intelligence holds the capability to deliver excellent real-time analytics and projected inventory requirements.

Fundamental Components for AI to work

In every company, there is a lot of data that is interconnected with inputs and patterns. AI can analyze complex data to drive useful insights to find solutions in an exact manner. Performing machines or devices like the human brain to solve problems and to create better possibilities comes with the adoption of AI.

• It helps to automate company operations with complicated analytical tasks
• It helps devices to drive real-time insights with minimum interference of the human brain
• AI has capable to increase productivity and efficiency

Take Away

These artificial intelligence benefits have transformed all industries and revolutionized the process we reach, analyze, and learn information. Effective AI can transform every industry in the core processes and business models. For business owners, it is a very crucial role to plan for adopting Artificial Intelligence in their company to become more competitive in the game. Fusion Informatics takes advantage of these progressions can offer advanced AI applications and features for all industries. To know how we can help you implement Artificial Intelligence in your digital transformation journey, do mail to sales@fusioninformatics.com

There was a time when you needed deep pockets to recruit a financial consultant or to invest in a managed portfolio. Now, however, AI’s Robo Advisor or AI consultant completely changed the game.

Most likely, the greatest advantage, or benefit, of an online, automated investor investment service with robo consultants is that the removal of the human element also removes the potential to wreck decisions that both investors and consultants can make when they are overcome by damaging emotions such as fear and covetousness.

After all what is this Financial Robo-Advisor Solutions and how does this Robo-advisor work?

As the name implies, a Robo advisor is a form of automated investment management service that requires little or no human interaction when the customer first contacts. Usually, you open your robo-managed account and provide basic information via an online questionnaire about your investments. Robo consultants will then crunch the information you provide to develop a diversified investment portfolio that will meet your investment target allotment percentages.

When your funds are invested, the software can equilibrate your portfolio automatically — that is to say, change the investment required to achieve the allocation for your portfolio.

Know How Robo Advisors Work

The first step in working with a robo-advisor is to determine the correct allocation of assets and specific investment decisions for the investor client. The customer usually completes a risk tolerance questionnaire or a similar form in order to start this process, which requires the client to answer questions regarding their individual financial goals and risk tolerance.

The investment form most widely used for robo-advisory services is the Exchange-Trade Funds (ETFs). Certain investment security forms, including inventories, shares, mutual funds, future securities and real estate, may also be used in the robo consultant method. After selecting and allocating initial investments, the software of the robo advisor will adjust regularly over time, similar to that of the re-equilibration process manually carried out by advisers and investors.

Most robo-consultants also divide their portfolios by risk.  Thus, you are provided with a collection of investments, which meet your criteria, based upon your risk level, ranging from conservative to aggressive.

Also Read: The Rise of Virtual Robo-Advisors for Financial Needs

Which algorithms do Robo-advisors use?

Robo-Advisors use algorithms such as the Modern Portfolio Theory, which originally supported the conventional consultancy community, which used automated investment solutions based on algorithms to control portfolios.

Advanced Robo consultants employ machine learning / AI techniques to develop their algorithms continuously and to import output, but such providers are rare until now. Nevertheless, as technology progresses, the product will possibly be further evolved and used more frequently.

Key Benefits of Using a Robo Advisor in 2020

You can avoid making mistakes while investing. It is often documented that one of the main reasons why investors get poor results is due to their own behavior. Investors take emotional choices based on good feelings at the highs and lows of the market. This technology does not allow such errors.

The method can be automated fully. The robo consultant software is in charge of the investment process once you open your account. You do not have to worry about making changes or investing more or less in a particular market sector in your product portfolio. You do not even have to sign in and position businesses.

A smaller amount can be spent at a lower cost. Consulting firms generally require greater investments and charges that are often higher than those charged by consultants. Moreover, you do not have to worry about making a recommendation that is not in your best interest from a broker or another financial seller.

The Drawbacks of Using Robo Advisors

Of course, robo consultants have some problems since it is new. In general, they offer an alternative to higher-cost financial advisors for sensible investment management. Check out a number of robo consultants ‘ major drawbacks.

• They’re Not Financial Planners

One of the things that bother me about some robo advisors is that they brand themselves as a replacement for financial planners. Of course, most of the Robo advisors are as good as the best financial planners in terms of the design of their portfolios and actually are better than most purely because of their lower costs. The building of portfolios by itself is a product, and it really is not appropriate to pay a large sum.

However, a human based financial planner does a lot more. A good financial planner knows you personally and helps you create a plan that uses all available financial tools to achieve your specific personal goals. Financial planners are not autonomous advisors. Perhaps the technologies will come, but they are simply a tool for applying and handling the portfolio for the moment.

• Finite Contact Methods And Hours

Some robo consultants provide only contact text, e-mail and chat box. Others have limited hours of telephone service.

During the weekends, a number of robo consultants are unavailable. This can be a problem, because you work throughout the week and invest on the weekends.

• They Cost More Than Other All-In-One Funds

Robo advisors are relatively very inexpensive, but they still cost more than the lowest-cost all-in – one funds available. The pension funds of Vanguard currently cost 0.14% to 0.5% per year, and LifeStrategy funds are costing from 0.11% to 0.14% annually.

Better, on the other hand, charges 0.24% for its basic management fee, and costs for the assets that are underlying and will equate to about 0.11% for most portfolios. This is an overall cost per year of around 0.36%.

There is no big difference between these two and Betterment is still much cheaper than most other investments even with its management fee. Nonetheless, it should be recognized that cheaper ways to get an all-in – one portfolio are open.

• No Face-to-Face Meetings

If you are someone who needs your financial consultant, then most robo consultants are not yours. The robo have no office in which a customer goes to speak to the contractor directly. This kind of personal contact is limited to the traditional models of financial consulting.

• They Don’t Guarantee Performance

This is valid of any project, so it is not directly a blow to the robo advisors. Nonetheless, certain ads may make it feel like it promises a certain return, which is just not the case.

Robo consultants open you to all the risk you face. Your returns are sometimes awesome. You are going to lose money occasionally. It is just like that.

Also Read: How Robo-Advisors Boost Your Business Making Better Than Human

Can I Use a Robo-Advisor?

If you want low-cost investment management from analysis and want to exclude yourself entirely from the management of your portfolios, then it makes sense to look at a robo advisor. Check out our Financial Robo Advisor Solutions from Fusion Informatics, which help you make investing simpler and less difficult.

What if you were given to a robot for diagnosis and surgery? How about the robot drawing your blood, stitching your cut or operating on you by itself?

Well, the idea of robots in healthcare improvement is not new since 1985 when industrial robots have been planned to become precision machines in surgery and beyond. Therefore, the arrival of AI based Healthcare App Development Companies and industries has brought so much change that what once used to spend large dollars and wait in long queues is now being limited to mobile devices.

The advancement of technology such as artificial intelligence (AI) and robotics has already started to shape the future of healthcare delivery and will have a significant effect on patient experience over the next 20 years. It could be impressive, but robots cannot control healthcare sector completely so the control of humans over AI will remain same. The real magic of the robo-doctor from the 21st century will be artificial intelligence systems where it learns and outperform the currents doctors incorporating all the knowledge available in every medical repository.

AI becomes more and more advanced in doing what people do but faster and cheaper in production. Both AI and robotics have a huge potential for healthcare. Like in everyday life, AI and robotics are increasingly involved in our health care eco-system. Nevertheless, most experts agree that AI will not replace trained medical staff in several fields, only make them more effective.

We have highlighted major key factors on how both Robotics and Artificial Intelligence Technology in Healthcare going to transform healthcare sector completely.

• Keeping Well

The motto of AI and Robotic based healthcare solutions is that people should keep themselves healthy. People are already beginning to use AI and the Internet of Medical Things (IoMT) in consumer health applications.

Technology applications such as AI and IoT based wearable gadgets encourage healthier behavior moreover; help people to manage a healthy lifestyle proactively. This regulates the health and well-being of customers.

In addition, AI strengthens the ability of health professionals to better understand the everyday behaviors and needs of people they care for and to offer better input, guidance and support for a healthy environment.

• Improving Accuracy & Reducing Error Rates

Robotic systems do not have feelings, they cannot get tired, and they never get any attention. It’s also the logic behind numerous robots that are already used in leading hospitals around the world when it sounds like a dream operator. There is something called Waldo surgeons, they are able to bridge the gap between human and machines and carry out tasks with exceptional accuracy, increased strength. The human surgeon will have a secondary supervisory role as long as the program is properly set for the operation.

Excellent precision is also offered in the form of guided micro-robots, which go precisely where they are required and deploy drugs locally or even perform microsurgery, such as unclogging blood vessels. In turn, AI will help physicians follow a more all-inclusive approach to disease management and organize their care plans more effectively. It also helps people handle their long-term treatment programs effectively and complete them.

• Precise Diagnosis

IBM’s Watson for Health assists health organizations in using cognitive technology in order to access huge quantities of health data and power diagnosis. The real strength of AI is the identification of trends that reflect various conditions, according to experts from InData Labs, by analyzing health records and other data. Thousands of cases can be analyzed and associations between hundreds of variables are found, some of which are not even reported in the current medical research.

Tests to date have shown that robotic systems in some fields can compete with the best doctors or even defeat them. For example, the endoscopic device in Japan is 86% accurate and detects colon cancer in real time. This is not as impressive as IBM Watson, which in cancer diagnosis has already reached the 99% mark. Watson can analyze much more medical information and store it exponentially faster than any person stores–every medical paper, symptom, and case study in diagnosis and response all over the world.

In collaboration with clinicians, researchers and patients, Google’s DeepMind Health works to solve real-time health problems. This technology integrates the neuroscience of machine learning and systems to create powerful, universal learning algorithms that mimic human intelligence in a neural network.

Know More: How Wearable Healthcare Devices Deliver the Next Level Benefits

• Decision Making

Better care needs to be aligned with appropriate, timely decisions with big health facts, and clinical decision-making and actions can be supported in predictive analytics as well as administrative tasks.

One context in which AI is beginning to take root in health care is using pattern recognition to recognize patients at risk of developing a disease–or to see it worsen because of lifestyle, environmental, genomic or other factors.

• Remote Treatment

DARPA first thought of using a robot remotely for medical purposes in the 1990’s, but communication networks could not support soldiers on the battlefield. Today’s 4 G and future 5 G requirements have made this a past issue. DARPA continues to fund these efforts, but robotic surgeons still appear to require hygienic assistants and other tasks, which make matters more complicated and not economically viable.

One way to support surgeons is to create a customized, real-time surgical overlay and view blood vessels and other sensitive areas together with other AR capabilities. The information library will suggest different techniques based on the best practice if a robotic arm is used.

Another type of remote medical robot is a simple bot pill, which is far more convenient than previous options for endoscopy. The magic pill sends images of your intestines as they move through them, so you automatically remove them.

• Augmenting Human Abilities

In addition to medical personnel, certain medical robots help patients. Exoskeleton robots as an example can help the paralyzed patients move and be self-sufficient.

A smart prosthesis is another use of technology. These bionic limbs have the ability to cover them with bionic skin and link them to the muscles of the person. They are sometimes more reactive and accurate than their own body parts.

• Research

It is a long and costly journey from research laboratory to patient. It takes an average of 12 years to move a medicine from study to the patient, according to the California Biomedical Research Association. Only five out of five thousand preclinical research drugs are ever approved for human use and only one out of the five is ever accepted. Moreover, the development of a new medicine from the research lab to the patient will cost a company an average of US$ 358 million.

One of the new uses for AI for healthcare is Drug Testing and Discovery. Through steering AI to improve the process of drug discovery and re-use, it is possible to reduce both the time for the launch of new medications and their costs significantly.

• Supporting Mental Health And Daily Tasks

Service robots can perform human tasks such as making patients sick or elderly feel less lonely. Talking robots and fellows that help these patients remain positive and remind them to take their medications and to carry out simple routine checks such as temperature, blood pressure and sugar levels. They are almost like staff assistants and even feature integrated capacity for personality and feeling analysis, which is particularly useful for depressed patients.

• Auxiliary Robots

A hospital has a lot of work and it can’t just be used by doctors. Nurses and hospital staff will benefit from robots like the Moxi robot by Diligent Robotics. The robotic system ensures taking care of restocking, the delivery of products and the cleaning of those nurses to allow to spend more time with their patients and provide a human touch.

The UV Light disinfectant robot is another excellent auxiliary robot, which enters the hospital and does not leave until it is germ-free.

• Training

AI lets those who are involved in training to perform naturalistic simulations in a manner that cannot be carried out by computer-driven algorithms. Natural speech and the capacity of an AI program to draw on a wide range of data scenarios automatically mean that a person response to questions, decisions or advice of his or her trainee. The training program will benefit from the trainee’s previous responses that allow them to constantly change the challenges to suit their learning needs.

In addition, preparation can be carried out wherever possible; after a difficult case in a clinic or while traveling, fast catch-up sessions can be accomplished through the power of AI on the smartphone embedded.

Conclusion

Are you ready to take part in this revolutionary future? If you are looking to start with a healthcare solution, then contact Fusion Informatics, we are a one of the most known Top Healthcare App Development Company in Bangalore, India, San Francisco, and Dubai. We have been working closely to build the highest quality medical and healthcare solution with different healthcare businesses, medical professionals and hospitals, which allowed our clients to achieve maximum return on investment.

Artificial intelligence is changing and affecting almost all sectors. The use of robo consultants has been one of the most significant developments in recent years. These are software programs that use consumer data to create and maintain their investment portfolios automatically.

Does the popularity getting worth and do they better than human advisors? However, are they better than human advisors and does it have the same impact?

I have a few savings. Now, what is the best way to increase my money? So I gave a bunch of my money to a robo advisor and it turns out great. I thought it was a stupid thing to deal with before I first learned of robo advisors.

Mystery key players working behind the scenes in the investment world to lift financial portfolios. In addition, their identity can confuse and surprise you: they are automated digital financial management systems called “robo-advisors” that take the place of traditional human financial advisers.

Understand What Robo Advisor is All About

Robo consultants or robots are online services that use algorithms to perform most of the investment activities automatically performed by a human financial consultant or advisor. Robo advisors effectively allow online investors to automate the investment act. You don’t have to have your own opinion and never have to talk to a sales person. These range from highly complex, Nobel Prize-winning algorithm services to easy optimization of your basic portfolio of investment indexes.

Robo advisors do such activities automatically, and that is where they support us. By preserving the time, we have. Human can do the same thing, but the robots are better at it as you’re seeing today. Robo-advisors pick investment opportunities for you based on algorithms that are optimized with your specific financial portfolio preferences, such as risk tolerance and efficiency, along with your objectives and timeline.

Whom These Robo-Advisors Are Best For?

Automated advisors are best suited for simple portfolios that are not too complex or complicated. If you’re on a budget, they’re also helpful, usually providing charges lower than traditional advice services.

If your portfolio contains several components, you have a substantial investment, or you are searching for individualized, personalized solutions, a better match for a human advisor may be.

How Do Robo-Advisors Work?

The approaches used by these robotic advisors can be quite basic or complicated.

At the base level, however, there is monotonous stuff that happens to be automated in an investment firm. Re-balancing the portfolio is a good example. When you run a large mutual fund and have 35% of your cash in bonds, you have to keep buying and selling things to stay at 35% bonds.

Many people set up what the robot will buy and sell over the course of the life of your portfolio, so no humans need to be involved, so no one needs to be paid a wage to save you money. Such advisors are technology; you must usually fill out a financial questionnaire to help “design” your investment preferences software.

Your preferences can include:

• Your Personal Risk Tolerance

You decide whether you are looking for investment that is high-risk or prefer opportunities that are lower-risk.

• Your Age and Investment Timeline

If you are a college student and going to have a lot of different financial needs than, say, a 60-year-old who is ready to retire.

• Your Retirement Goals

Are you going to be a millionaire by the time of retirement? Then Robo Advisor should be aware of how to plan to get you there.

• Your Current Portfolio Information

Folding in your current results of investment to be complete informed partner and decisions that suit your priorities successfully.

Where Do Robo Advisors Come From And Why Its Performance Is Good?

Obviously, computers have always been interested in investing, but computer-aided investment really started to change in 2001.

In 2001, some studies were published by IBM and HP showing that their simulations coupled with computer-driven trading could outperform human traders. Such experiments have now been powered by huge super-computers, but banks love money so they really started to invest in making better-automated trading machines.

Then 7 years later, after enough work had been completed, entrepreneurs started to see an opportunity to bring to the masses the success of this bank-based robo advisor. In addition, companies started to pop up that anyone could sign up with.

Betterment was the first to launch something two years later in 2010, which began in 2008. We had a complex model based on two hypotheses, both of which ended up winning the Nobel Prize.

Some of the Major Upsides of Robo Advisors

• Robo Advisors Help You Avoid “Emotional Investing

Automated investment devices help human investors avoid the pitfalls of emotion by their very definition, which has no place in the management of productive assets. It is quick to be swayed by a “hot stock tip” or the market’s latest fads. Ask anyone who ever owned a micro-cap that went bust or still holds First Solar or Century Link shares, both of the investment world’s darlings at one point.

Developing a system that enables you to prevent emotional reactions to stock market developments is an enormous part of investing. You can create for yourself all sorts of complicated rules.

OR

Pay a machine the tiny fees and do not care what it gets up to. Few opportunity of emotional outbursts, and instead Lots of napping opportunities. It’s Win-Win!

• Advisors Save Clients Lots of Time

Saving or Reducing time is always #1 reason for everything!

You no longer have to do any research for your financial future by handing over control of your savings to someone else. When you equate yourself with novice stock pickers or just a few hours a month for index investment folks, the amount of time you will save with a consultant will add up to tens of hours a week. Either way, time savings!

Even if you have the best investment strategies, you still have to deal with running off some money on each paycheck, moving it, saving it, and managing the re-balancing of the portfolio if necessary.

• Charges For Robo Advisors Are Much Lesser Than Charges For Human Advisors

Robo advisor customers save large amounts of fees and opening balances. Compared to human financial advisors, ongoing payments are the key advantage for robo financial advisors. Continuous payments vary from 0 % to 0.5% of total portfolio assets for robotic advisors. These payments are small, for almost no money, you get all that value from the robo advisor.

Customers are paying a lot more than that! They need the cash to go to retire as well. In addition, they cost about 2 % (and, yes, sometimes it’s a lot more than that). Although that 2% may not sound like a big deal, it’s a big deal.

We have addressed this before, but the additional 2% management fee paid will ruin your investments. Only look at how much of a 10-year loss would charge you a 2 % fee.

• Robo Advisor’s Long-Term Performance Is Commendable

Robo advisors can really get creative and try to do some tricky stuff. Nonetheless, the basic ones (with super low fees!) merely move around a few broad index ETFs (which is great!) and hang on to some unique allocation of portfolios. Then the fees are super-duper low since they are easy.

Trading index funds is a simple strategy, but it follows the market’s average returns and, as you can see in this study, it also beats 99% of the human fund, we have low fees, fantastic returns, and it saves our time? How could this be improved?

• Performance-Tracking Features are Very Helpful.

The performance results of your robo advisor are completely transparent and easy to understand. All these financial services come with performance monitoring features that allow you to see where you stand in terms of market balance, diversification in the industry, total returns, tax liability, and much more.

It’s not a bad thing to monitor your success with Google sheets or Excel, but your advisor does it for you! Would you like to see how you did it? Just press the report or monitoring output button and it’s all there. Which means you’ve never been left to wonder how your portfolio is doing. For daily, monthly or quarterly reports, you don’t need to call your advisor and ask a bunch of questions or contact the brokerage.

• Robo Advisor Come With Minimum or Zero Opening Balances

With high opening balances, human advisory services are popular. You cannot even talk to many individual advisors if you do not have hundreds of thousands of dollars. Recently, by offering lower opening balance criteria, some of the larger brokerage houses have started trying to compete with robo advisors, but you have to pay to play.

In addition to beating their human counterparts with lower fees, Robo advisors come with minimal or no opening balances. Many correlations address or include this argument when measuring return rates, but when you begin it makes a huge difference. If you just need to fork out $10 K to start investing, and it takes a while to save up, your annual return has already taken a huge hit before you even got into it.

• Through tax-loss harvesting, Robo Advisors boost your income.

One wants to pay more tax than they need, so you’ll be happy to find out that every year automated advisors reduce your payment to the tax man. To order to reduce your capital gains / taxable earnings every year, Robo advisors will ideally buy and sell your assets through a method they call tax-loss harvesting.

The robots set up circumstances where, when they trade, they can farm tax advantages. If you have ever played an RPG or World of Warcraft, you know that high-performance farming is necessary and this bot is a pro!

There are Some Downsides of Robo Advisors

I love robotic advisors, but there are still potential drawbacks to consider using a robotic consultant. Here’s a quick summary of the drawbacks and the real effects.

• Questions May Cost You

If you’re dealing with a human advisor, speaking to them often doesn’t cost you much. You may have to pay to speak to a real person when you agree to hybrid human-robo management.

• You Might Find It Difficult To Lose Control

Technically, you are always in charge of your finances, but you may not be willing to hand over your portfolio’s reigns to a robot. A robo-advisor may not be a great fit if you want a more hands-on approach to online guidance.

• Automated Advisers Can’t Get To Know You

Even an algorithm is still the most sophisticated computer algorithm. It can’t sit with you, it can’t explain anything to you, and it can’t listen to your future dreams.

• Robo-Advisors Can’t Handle Complex Portfolios

With overly complex portfolios, such advisors are not the best. The rule of thumb is that the human touch is required by resources of six figures or more.

• You Can’t Auto Manage Employer Retirement Plans

This program cannot do much with retirement plans like 301(k) s, so you will not do much good by putting any money into a robotic advisor for such a plan.

When To Pay And Go For A Robo-Advisor?

When you’re just starting out and preparing for long-term goals such as retirement, it makes a lot of sense to use a robo-advisor. In addition, robo-advisors are using algorithms to build portfolios based on Modern Portfolio Theory concepts and the risk profile.

As a result, robo-advisors are perfect for investors to create retirement portfolios using dollar-cost average. Most robo-advisors are using index ETFs to create a meaningful asset allocation. For fact, as you get closer to retirement, most robo-advisors can adjust your asset allocation.

If you are not involved in regular trading and you have a relatively small amount of money to invest right now, robo-advisors can do a very good job to get you started. Robo advisors are perfect for those who are only just beginning to learn about investment. You should change your strategy and consider using other investment strategies, as you know more.

When your portfolio expands, it may not be enough for a robo-advisor to help you manage the money properly. This is particularly true if you are starting to have additional investment goals. You may need more personalized advice when you start to make more plans with your money and once you start to have a larger portfolio.

When To Pay And Go For Human Financial Advisor?

While robotic advisors can be helpful if you already know what you want to do with some of your money, if you want to help find a path or figure out how to use your investments to help you achieve different financial goals, they don’t really work well.

A robo-consultant can’t help you develop a long-term financial plan. In addition, you might have access to restricted investment opportunities in certain cases. A director of human money or financial planner will look at the overall financial picture and help you build a portfolio that will help you achieve certain goals.

If you have more nuanced ambitions and a broader portfolio, it’s worth paying for individual financial advice. And if all you do is get a financial plan and suggestions on how to achieve those goals, it can be worth it to make a payment to a fee-only advisor to get help.

Most wealthy investors often have others to handle their property for them because they have little time or inclination to do it on their own.

Between Human and Robo Who Offers Lower Fees?

Fees for using a robotic consultant or human consultant differ depending on the company you’re working with— and even vary among human advisors.

For example, top-level private advisors tend to charge a lot more than start-up or regular company advisors. Many businesses charge a fee that represents a percentage of your wealth, while others may charge an annual or initial investment fee.

Generally, however, robo-advisors are more economical than human advisors. Here’s what you’re going to pay for big-name companies of automated advisors.

Bottom Line

The field of robo-advisory is just starting. The new entrants in the market benefit the consumer by increasing fees while leading to qualified asset management on many routes. The investor will, as with any life choice, find out what sort of investment advice he or she wants and pick a robo-advisor or financial professional to match his or her individual style. A robot advisor can handle the core financial portfolio with automated control and lower fees. Such digital advisors often remove the human elements of failure and fear that could harm and benefit long-term financial growth.

Human financial portfolio management, however, may be what makes individualized and personalized choices possible. Only a human being can get to know you, listen to your investment feelings and appreciate your tropical retirement dreams. Several common robo-advisor platforms give consumers the option of combining for the best of both worlds a robotic and human advisor. Yet it depends on your personal interests, ambitions and wealth to choose one over the other.

If you are planning to grow your business with Robo Advisory Solutions, then contact Fusion Informatics and ask for a prototype presentation. With the highest possible level of automation, we as a Top Robo Advisor Software Development Company will take care of the rest.

Technology is changing the way companies communicate with their customers, making business decisions, and developing workflows by using AI-Assisted Video Analytics Solutions to analyze high-resolution videos more quickly and accurately.

When air travel becomes more accessible, there are a growing number of air travelers. The International Air Transport Association (IATA)’s recent findings indicate that total air passenger traffic will reach 8.2 trillion by 2037. In addition to passenger numbers, aspirations of passengers are also rising.

Airport travelers often face long unruly queues. Essentially, this will result in a reduction in customer satisfaction. An airport operator must increase the number of counters, personnel and other services to overcome these overcrowding and queues. The authorities are frowning on this solution as it is not a scalable solution and leads to higher operating costs.

What the Passengers Fed Up Of

What airport management needs, together with resource limitations, are practical perspectives to make the right decisions at the right time to handle the ever-growing passenger numbers. However, how can an airport, with its current total resources and infrastructure, accomplish this huge objective? The answer could be an AI-powered platform for real-time video analytics.

While there has been live monitoring of events and locations for a while, the AI-based smart video footage analysis is relatively new. An airport in each corner has fully covered by CCTV. They record video for hours and hours only to be monitored for reviewing and interpreting events by human workers. To some extent, it is effective, but almost none of these footages have been watched or put to practical use. This is where Video Analysis based on AI comes in.

Today, all airports are under stress due to the rising number of airport passengers around the world to optimize their operating productivity and improve the customer experience by eliminating the lengthy, boring queues and making the journey as seamless as possible from the entrance to the exit. It is critical that airports continue to meet demand in volume while addressing the rising needs of passengers.

Current advanced AI-based video analysis uses algorithms and technology to look at video feeds, which are commonly used to recognize CCTV cameras patterns and trends. The research takes place in real time and offers actionable intelligence, such as measuring crowds, people’s attitudes and behavior, general heat mapping, etc. To improve the safety and security of an airport, AI-based video analysis software can be used to analyze vast amounts of raw video data.

The software can greatly enhance operations and guest experience, avoid threats to safety and boost post-event investigations at an airport without any capacity limit. Video analytics can track objects and individuals through cameras, monitor and manage the movement of passengers and traffic, control areas without human intervention. It can reduce risk; improve the productivity of workers, increase customer satisfaction and more. Let us have a look at how;

Effectual Crowd Management & Streamlining Passenger Traffic

Airports, particularly if it is a transit hub, are some of the busiest places in the world. How an airport operator can transfer passengers smoothly from drop-off to check-in, their level of satisfaction is directly affected by previous screening, retail, and boarding areas. An airport operator will have a complete and in-depth understanding of airport traffic flow patterns with an AI-powered video analytics solution. We can monitor passenger movement to the check-in lobbies, security checkpoints, terminals, and even individual gates right from the parking lots. The airport manager can gain a better understanding of terminal use and size with these observations.

Redesigning the terminal layout to avoid overcrowding and ensure a smooth flow of passengers will be very beneficial. Because the device can continuously track multiple locations, airport operators can easily identify where there are bottlenecks. Additionally, by recruiting enough personnel, the contractor will be able to understand where overcrowding tends to occur and behave predictively. It can also provide insights into specific directions or areas of smart decision-making and strategic planning. Eventually, it will result in lower waiting times, higher performance and happier passengers.

Critical Revenue Stream for Airport Retail Operators

To airport operators, airport retail is a vital revenue stream. To generate a profit, they are increasingly dependent on this commercial revenue flow. Airport retail sales make a significant systemic contribution to airport funding and its infrastructure. Such sales profits can account for up to 80 percent of their profit margins for many large airports. Such retail store sales can be used to provide incentives for airline services, resulting in better connectivity and low-cost flight tickets.

Increasing revenue from airport retail is therefore crucial for airport operators. A video analytics solution can greatly improve the retail revenue of the airport in such a scenario.

The program can provide valuable insights into the retail shops in the terminal’s buying habits of passengers. The device which an AI based is capable to monitor the whole different parameters such as consumer demographics ,customer dwelling time, shopper routes, emotion detection and their level of satisfaction based on their on-site activities, all of which can be leveraged to provide a customized shopping experience and provide specific offers that can contribute to more sales. It can also provide crowd analysis and counting people to help terminal retailers make decisions about staffing.

Maximizing and Streamlining Airport Security

The rapid increase in air passengers has escalated the security threats that have occurred. Unfortunately, for travelers, security checkpoints are becoming a major bottleneck. Airport operators struggle to ensure safety and security without compromising the experience of passengers. Without creating bottlenecks, AI-based video analytics can significantly improve airport safety and security. The problem with the current security infrastructure of CCTV is that it is regulated by humans and as time goes by, humans naturally get more exhausted and start missing more and more on-screen events.

A video analytics suite can eliminate much of the human error that results from monitoring video feeds and analyzing data as well as identifying threats faster than a human. The system is able to analyze passengers ‘ emotions and their level of satisfaction on the basis of their on-site activities. The system can be used in various applications such as movement-rule violations, intrusion detection, suspicious accident detection, etc. to provide a higher level of security.

For example, the device continuously scans the facial data of passengers at immigration desks, comparing it in real time to a database of known suspects. It helps identify those who are blacklisted and discourage them from committing crimes or traveling.

Meanwhile, video analytics can track unattended screening lanes for intruders or detect unattended luggage in a vast terminal during passenger security screening. The airport operator can make appropriate staffing decisions and protocol improvements for overall security with a good understanding of how these areas are used.

Airport Operations & Perimeter Security with Video Analytics

Video analysis also plays an important role in safety and activities on the airside. Airports have a large complex. To cover all entry points, monitoring is needed at all times over a wide area. Standard perimeter defense includes enormous compound sensor walls and fences. Some airports even deploy monitoring teams in vehicles that are constantly patrolling the perimeter. Such processes, however, are far from ideal.

Often sensors that raise false alarms caused by animals or windy conditions, while resource security teams may miss a breach of security due to lack of staff available to investigate or extreme weather. Intelligent monitoring systems can be used to address these issues. Video analytics can detect and activate an alert to unusual activity along the fence. It can also differentiate between humans and animals, increasing to practically zero the number of false alarms.

Assisting the Air Traffic Control Centre

The airport traffic control tower is directly responsible for parking, take-offs and all aircraft movement within the control area of the airport terminal. It does not require aircraft to collide with each other. There should therefore be no space for mistakes. It is often very difficult for ATC to identify or track different aircraft at an airport. We need to rely on binoculars to track the movement of the aircraft, but visibility can sometimes be lower if it rains or if there is fog or snow. ATC can cover large areas with as few screens as possible with cameras and AI-based video processing so that air traffic control staff can work efficiently.

It can test’ Runway Holding Positions’ for different aircraft, rapid identification of dangerous conditions, visual inspection of all operations, etc. For example, on the taxiway, with optical confirmation, ATC can identify dangerous situations and quickly record entire incident operations.

ATC will ensure that everything is under command with such a program. In an active and dynamic scene, the system can identify specific behaviors of ground handling staff, aircraft, and vehicles. When something or someone is not in the right place, it can instantly alert security personnel.

Making Sure of Smooth Runway Operations

The runway is every airport’s most important part. Both hazards for aircraft service must be kept as free as possible. Nevertheless, optical surveillance systems are also facing a major challenge. Monitoring many meters of runways with traditional methods of monitoring is difficult. This is where the utility of video analytics. With minimal resources, it can track the entire Runway. To create an overall image for object recognition, it can combine images from different cameras. It can detect on the Runway animals, birds, foreign bodies and warn the authorities concerned.

Smart Parking Supervision

For many airports, parking is a perplexing challenge. Travelers, tourists and employees face problems with parking. Harried late travelers get irritated driving up and down the rows in search of spaces available. Exhausted travelers who cannot remember where they parked loads of wanderers in search of their cars. Video analytics can be used to provide these problems with solutions and improve customers overall parking experience. Intelligent video analytics, for instance, can detect empty parking spaces, the total number of parked vehicles / empty slots, and even the time that vehicle spends in the slot.

Those observations can be conveyed to parking management staff, which in effect makes it very easy for incoming vehicles to find the nearest parking spot.

Conclusion

The main objective here is to have satisfied travelers who will contribute to the commercial success of the airport and an AI-powered video analytics system will significantly improve the satisfaction level of passengers.

If you are searching for Top AI Solutions Company in San Francisco, Indianapolis, Los Angeles, New York, Chicago, Detroit, Phoenix, Houston, Texas, Washington DC, USA, please contact Fusion Informatics and hire our AI developers for best AI Services. We obey the regulatory mandate of each government and create AI solutions that follow strict protocols.

Using the Internet of Things and Machine Learning to protect banks and ATM sites is the latest trend in the banking and finance field. In addition, different IoT-based devices can help to reduce the increasing operating costs of ATMs and increase their performance. This innovation is rapidly catching up with various banks in India in the private and government sector.  Now ATM systems become more complicated and serve a variety of security functions turning criminals, robbers and hackers into a high priority target.

High safety protection measures enforce trendy ATM machines. They function for transactions under advanced systems and networks. Often encrypted the data stored by the ATMs area unit, but hackers will use covert hacking tools to access accounts and remove the account balance. As an alternative, unskilled robbers are trying to steal their withdrawn cash or account from bank patrons with a gun.

The ATM machines are launched, built and distributed to the large percentages of our society and withdraws cash using the debit & credit cards. In contrast, card fraud and illicit access became a very serious threat to both the financial sector and individuals. The ATM-related robbery dependent on unauthorized access has also dramatically increased in recent years. There was a rising proportion of about 90 percent among the robbery in the financial sectors. The ATM, which is theft, only discovered after the robbery has completed or the amount has debited from the registered user’s account.

Now we do not need worry because Machine Learning (ML) Development and IoT combined together to solve all these kinds of problems because IoT and Machine Learning based ATM security provide a tight security to all ATM’s.

The raspberry pi 3 mainly used in this IOT project as the part that holds in it the Face Detection Cascade used for face detection and face recognition Local Binary Patterns algorithm. The camera used to track the user’s correct images. RFID Reader used as a reader for the ATM card. TAG is the ATM card used. As the electrical switch, the relay is used. The OTP and the warning message is sent to the user via the standard SMPP message protocol where the code is written in the python language and loaded in the pi3 raspberry.

Therefore, this new technique deals with the method of preventing ATM robbery related to unauthorized users by allowing access to the user only after the user identity has been checked using the user image taken via the CCTV camera installed on the ATM and face detection using the face hair cascade, face detection using the Local Binary Pattern algorithm. If the OTP entered in the ATM by the user is incorrect, the warning message will be sent immediately to the authorized user.

Keep reading to understand why IoT and ML software are exactly helping banks ATM centers.

What is Internet Of Things (Iot) All About?

The Internet of Things (IoT) is a collection of interrelated computing devices, mechanical or virtual machines, objects, animals and individuals with unique identifiers and the ability to transfer information over a network in the absence of human-to-computer or human-to-human communication. Simply put, the Internet of Things is about linking devices that are internet-enabled to relay information back to us, cloud-based apps, and one another (device to device).Including mobile phones, fridges, washing machines and wearable’s, medical equipment, and jet engines, these’ smart’ devices can be anything. Essentially, artifacts use the network and unique identifiers like RFID tags or processors to function as part of the internet in the Internet of Things.

The Internet of Things (IoT) Development has been in rapid and success in today’s technology world. As the IOT initiatives are applied both in government and in the private sectors of our society.

Role of IoT Providing Security

IoT security is an area of effort to protect connected devices and networks on the Internet of Things (IoT). The Internet of Things includes the increasing prevalence of objects and entities–defined in this sense as things that have unique identifiers and the ability to transfer data automatically over a network. Much of the rise in IoT connectivity comes from mobile phones, embedded sensor systems used in machine-to-machine (M2 M) communication applications and wearable computing devices.

The main problem is that due to the relatively new idea of networking appliances and other objects, security was not always considered in product design. IoT products are often sold with embedded operating systems and software that are old and unpatched. In contrast, consumers often fail to change the default passwords on smart devices— or fail to pick powerful enough passwords when they change them. An IoT system that needs to be directly accessible over the Internet should be segmented into its own network and have limited access to the network to improve security.

In order to identify possible anomalous traffic, the network segment should be monitored and action should be taken if there is a problem. Since the IoT definition was first suggested in the late 1990s, security experts have advised about the great potential risk of large numbers of unsecured devices connecting to the Internet. A researcher at Proof Point, a business security firm, discovered the first IoT botnet in December 2013. More than 25% of the botnet consisted of devices other than computers, including smart TVs, baby monitors and other household appliances, according to Proof Point.

Let Us Check Out Some of the Benefits of ATM

• Save time

Maybe that is the most profit. Save time to drive down to the store and you, do not have to wait in the queue to do your transactions. For various transactions listed above, the ATM Card facilities provide you with instant banking options.

• Convenient 24×7 Banking

You are not bound to do your transactions in banking hours at the ATM now. There is no need to be concerned about bank holidays or public holidays. It is a banking facility available for 24x 7, 365 days a year.

• Withdraw Cash When Overseas

Depending on the type of facility that your bank offers, if you are traveling overseas, you can use the card to draw currency from the ATM from the country you are traveling to. Of course, if your bank has given you this service, you must check in advance.

• Universally Accepted

You may forget to carry loads of cash with you, whether you’re in town or out of town (or in another country). Only bring your debit card with your ATM cum and everywhere it is normally accepted. However, if they have a program to accept credit and debit cards, you have to check with the restaurant or hotel. If there is a MasterCard icon on your debit card, you can be almost certain. You should also make sure that you tell your bank that you are leaving your station and that the service should be interrupt.

• Security Features

ATM use is limited to the person who knows the PIN only. Therefore, if you keep the secret PIN then except you no one can use to do the banking transactions using the ATM. You can also set daily transaction limits for security purposes, and ATM receipts can help you track your transactions and withdraw or transfer money. As an additional security measure, you can also switch your PIN.

• Save Your Account from Being Dormant

Often one or the other account will be dormant if you have not made a transaction for about 6 months. It is a problem to make it operational again. The explanation for this is that most of us have tough time constraints. Today, at regular intervals, you can do one small transaction to keep it going.

• Helpful Budgeting Tool

You can never go overboard with your money expenditure with an ATM debit card. The debit card guarantees that only the amount of money you have in your bank account can be spent. Which means you cannot go into a “credit card debt” scenario. Unlike credit cards, this helps you to remain strictly within budget limits.

Machine Learning With IoT Components Used To Secure

Here we present the IoT components used for ATM-security using Machine Learning technique.

• Raspberry Pi 3

The raspberry pi 3 is a mini computer and user-friendly with a very solid model. The raspberry pi 3 holds the operating system, programs for the compilation and running of a project also holds the documents.in our project, the raspberry pi 3 is used to store the code for the face detection, face recognition and for the alert message module with other IOT components.

• RFID (Reader and TAG)
• RFID (Radio Frequency Identification) Reader

The RFID reader used to track the tag, which includes the account data of the user.

• RFID (Radio Frequency Identification) Tag

The RFID tag used to store the user account information by using the RFID reader to detect the respected information in the database.

• Resister

Resister is mainly use to control current flow in terminated transmission lines of electronic circuits, increasing current flow, and divide voltages, change signal levels.

• DPDT Relay

DPDT (double pole double throw relay) used to link the input from two outputs to the same output of one.

• Transistor (BC 547) – DC Motor (12 volts)

The transistor is a device with a semiconductor that is used to control the current flow through its one terminal.

• CCTV Camera (25 MP)

The 25 MP cameras used to get the user’s photos that reach the atm.

• DC Motor (12 volts)

The DC motor is the machine used to transform electrical energy into mechanical energy. If the user specifics are right or the OTP entered is correct, the DC MOTOR used in our project to rotate.

Result After Implementing the IoT Technique

We implemented the IOT model using suitable components with the raspberry pi 3. First, when issuing the debit or credit card, the user subjected to photography from different angles. The images taken are stored and converted to gray scale images to reduce errors while the user’s gray scale image is divided into many pieces and each piece is given a value and stored.

One of the elements that are cameras used to detect the face of the person approaching the ATM by using the face-detection haar cascade, which is a qualified xml file when holding the xml code to detect a person’s face of any gender and collecting the image of the face of the users approaching the ATM machine. The user’s accrued images have also transformed into the gray scale image and divided into different pieces and values. Based on the data contained in the user’s card, the values of the identity of the approaching user have compared to the valued values of the user’s image that were processed and registered during the process of issuing the card.

Areas Where This Technique Can Be Implement

• Can be applied for many government purposes
• Can be used in different fields for security purposes
• For more security purposes, some more modules can be included

Conclusion and Future Scope

Thus the IOT technique using the raspberry pi and its components with some face detection Haar cascade is detected and recognized if found incorrect then the OTP is sent to the user, if the approaching user enters the wrong OTP then the error message is sent to the user as a text message.

It is evident from the system proposed above that different techniques are necessary to stop ATM robbery. We have suggested different approaches to ATM control and safety through different studies. It reduces costs with this revolutionary approach and improves the efficacy of ATM security.