McKinsey’s study on 63 AI applications across 16 business areas reveals that AI can generate from $2.6 trillion to $4.4 trillion in value across different sectors. Notably, the banking sector alone could see an annual increase of $200 billion to $340 billion, representing one of the largest growths among the industries surveyed.
One of the examples proving this is Oversea-Chinese Banking Corporation (OCBC). It’s the second-largest financial services group in Singapore. In partnership with Microsoft’s Azure OpenAI, OCBC introduced a gen AI chatbot to help its 30,000 employees with time-consuming tasks, such as writing investment research reports, translating content in multiple languages, and drafting customer responses. Following the implementation of the AI chatbot, OCBC employees have reported a 50% acceleration in task completion compared to earlier methods.
But we’re not talking about banking and financial services only. Numerous companies across different sectors can enhance their operations and consequently boost their revenue by incorporating AI capabilities. In this article, we’ll explore practical use cases and the immense potential generative AI holds for driving growth and success across industries.
Most popular gen AI use cases across different industries
Though gen AI hasn’t been on the market for a long time, it managed to attract many businesses from domains such as healthcare, manufacturing, finance, and more. Further, we will share some real-life examples of companies that have already jumped on the gen AI bandwagon and successfully implemented gen AI into their business operations. Let’s start with financial services as an industry predicted to get the most value from the technology.
Finance
Data lies at the core of both gen AI and fintech solutions, helping them better address user inquiries. By implementing generative AI, financial institutions can enhance customer service, detect fraud and suspicious behavior, assess risks, and provide advanced analytical capabilities. For a better understanding, let’s take a look at how Wells Fargo does this.Wells Fargo is a multinational financial services company in the U.S. With an aim to provide a more convenient and personalized user experience, especially for the younger audience like Gen Z, the company launched a gen AI-powered virtual assistant named Fargo. The technology behind Fargo is Dialogflow, Google’s conversational AI. It helps mobile users with everyday banking tasks, like giving insights into spending patterns, checking credit scores, offering transaction details, and more, all with text or voice requests. Since its launch, Fargo managed around 20 million customer interactions and expects to handle around 100 million annually.
One more example is the largest bank in Poland, PKO Bank Polski. It uses gen AI for customer service, managing internal processes, risk assessment, and CRM. The company deployed voice bots and chatbots that understand human speech and can help customers resolve issues or connect them to human consultants if required. PKO Bank Polski’s bot currently understands 320 topics and has been already used by a million users. Additionally, the bank uses machine learning algorithms for risk assessment and plans to automate 90% of risk assessment processes with AI.
Insurance
By incorporating generative AI, insurance organizations can automate underwriting, streamline content creation and summarization (reports, proposals), accelerate underwriting and claims processing, and more.
Each day policyholders file hundreds of claims to insurance companies and that’s where gen AI has a great potential to help, simplifying and speeding up the process. On the one hand, the technology can be used to automate responses to rudimentary claims, while on the other – gen AI-powered systems can assess the amount of damage based on the image uploaded by the client.
For example, Tokio Marine, a global insurance company, uses Tractable AI to speed up claims processing for policyholders and became the first insurer in Japan to adopt gen AI.
In Japan, it takes from two to three weeks to determine the amount of compensation after a car accident. To cut down time for claim processing, the company integrated gen AI technology that uses computer vision to look at photos of car damage and recommend repairs, materials, as well as labor hours required. It significantly reduces time on claim processing enabling insurers and policyholders to agree on repairs in minutes, not days.
Audit and tax consulting
Automated data analyses, predictive analytics, compliance monitoring, fraud detection, and more – these are only several areas where gen AI might be helpful for audit and tax consulting firms. Besides, an AI-powered system can automatically generate and customize reports, forecast problem areas, and detect potential mistakes.
When talking about prominent use cases, Deloitte has recently launched an internal gen AI chatbot named DARTbot to support its accounting specialists. Powered by Deloitte’s Trustworthy AI framework, it assists around 18,000 US audit and assurance professionals, providing real-time guidance and intelligent responses. Analyzing wide datasets of industry knowledge and best practices, the system ensures accuracy and gives references to source materials helping accountants navigate complex tasks faster and more efficiently.
Retail
The retail industry revolves around customers, striving to attract and retain more clients. Retailers invest in enhancing user experiences to foster loyalty while generative AI can be a valuable tool aiding in achieving this goal. For example, gen AI systems can provide personalized recommendations to customers and extract valuable insights for retailers allowing them to refine marketing strategies, optimize product offerings, and tailor promotions to specific customer segments. Besides, an AI-powered system can be extremely helpful in automated content generation.
Take a look at Shopify, an e-commerce platform to create and manage online stores. The company launched Shopify Magic, a suite of AI-powered tools to support entrepreneurs in running their businesses. The tool can generate compelling product descriptions in a matter of seconds, instantly create or remove backgrounds from existing product images, and more.
Manufacturing
When thinking of AI in manufacturing, we usually imagine a huge industrial floor where machines seamlessly operate without human intervention. In reality, gen AI capabilities range from supply chain optimization to energy efficiency and predictive maintenance which increases productivity by 25%, reduces breakdowns by 70% and lowers maintenance costs by 25% based on the Deloitte research.
For instance, a global technology company Siemens integrated generative AI into its predictive maintenance solution called Senseye Predictive Maintenance, making the platform more intuitive and effective. Currently, the system automatically analyzes machine data and makes maintenance workers focus on machines that need attention, so they can fix them before they break down. With the implementation of new gen AI functionality, the platform transitions from predictive to prescriptive maintenance, enhancing productivity and optimizing resources.
Here’s one of our personal examples. We have recently teamed up with Dental Axess, a leading global provider of CAD/CAM and dental imaging solutions. Together, we created Xflow – a cloud-based platform that allows dental clinics and labs to manage the entire workflow, from scanning patient data to manufacturing clear aligners. To make the clear aligner design process more efficient, we incorporated AI algorithms that refine the clear aligner scan, ensuring a high-quality final product.
Healthcare
Based on the McKinsey report, gen AI is capable of unlocking $1 trillion of improvement potential present in healthcare, automating time-consuming tasks, providing instance access to any data required, and transforming the whole healthcare infrastructure.
Using gen AI tech like GPT-4, clinicians can turn patient interactions into structured clinical notes within seconds while reducing the administrative burden on medical staff. Let’s look at HCA Healthcare, one of the leading providers of healthcare services in the USA.
The company partnered with Google Cloud to integrate gen AI into its operations to reduce the workload for nurses and doctors. Currently, the company is trialing a solution that automates note-taking during patient visits and seamlessly transfers it to electronic health records. By eliminating the need for manual data entry, it allows clinicians to devote more time and attention to providing personalized care to their patients.
Transform your business operations with gen AI
Today it’s no exaggeration to say that gen AI has the power to reshape entire industries. From healthcare to finance and manufacturing, it promises increased efficiency, cost savings, and improved decision-making. However, harnessing these benefits requires strategic planning and collaboration with seasoned experts. That is where Modeso comes in.
As a reliable technology partner with a proven track record in the fintech sector, we bring expertise and dedication to help you stay ahead and ensure the success of your next project. Contact us today to discuss how we can help you seamlessly incorporate gen AI into your business.
