All gadgets are assembled in one giant network, called Internet Of Things, that involves individuals. According to the

analyst firm, it is said that by 2020 there will be more than 26 billion connected gadgets (gadgets with and without Internet access).

Computers launch rockets into space, control technological processes, provide security systems at enterprises – and this is only a small part of what can be listed. And now even your mobile can recognize your speech, make certain decisions, serve as a translator from one language into another one.

All these things are based on the use of Artificial Intelligence as a whole methodology of computer systems in think-and-learn mode. What does it mean? Smart programs are being developed on the basis of knowledge and research of the mental potential and capabilities of the people themselves, and they are being implemented as built-in intellectual functions in various applications, including mobile ones.

In addition, in programs using AI, fewer errors and defects are allowed, since artificial intelligence is more universal than human intelligence. The most important thing to say is that the difference between AI and conventional programming is in the presence of “intelligence”, in other words, the imitation of a certain level of human thinking. In that way, we avoid only the sequential execution of pre-programmed steps. For example, algorithms with artificial intelligence are used in such search engines as Google.

Advanced artificial intelligence can be built on the basis of the so-called cognitive architecture, and individual modules in it can be responsible for functions such as eyesight, recognition and generation of speech, making decisions, attention and other aspects of the mind.

Some companies teach us how to optimize prices and increase our sales and margins using Artificial Intelligence techniques and dynamic pricing.

AI is designed to serve the public good: to moderate publications in social networks.

1. If your application is about customer service, for example, creating reports and market reviews, you need to use a natural language technology (Natural Language Generation).

2. One of the popular technologies used in interactive voice control systems and mobile applications is Speech Recognition Technology. This technology, for example, the Siri or Cortana system, allows decoding and transforming human speech into a format that is understandable to a computer.

3. If you plan to have a business application that has to be able to interact with people online, to contain feedback from the user or the online community, in other words, to use chatbots or voice managers, then you will be assisted by Virtual Agents.

4. Suppose your application is corporate, and also used for forecasting and classification, you should implement Machine Learning platforms based on Machine Learning (ML).

5. Biometrics is a technology that allows you to identify, measure and analyze human behaviour and physical aspects of structure and shape of the body through work with images, sensory recognition, voice and gesture control. It is used mainly in marketing research.

6. Text Analytics and NLP (Natural Language Processing) technology allow you to find the information you need in search engines, generate news, structure solid text. This technology is currently used for security and fraud detection systems.

7. Another interesting technology that allows the software to «read» emotions from the human face with the help of advanced image processing or audio data is Emotion Recognition, so human senses are captured through subtle speech signals and voice intonation.

8. And, finally, in your mobile application, you can successfully use Image Recognition technology based on the process of identifying and detecting an object/function in a digital image or a video. IR technology can be used to detect license plates, to diagnose diseases, to analyze clients, to verify users by their faces.

Companies that use IR include Clarifai, which provides image recognition systems for customers; SenseTime, which develops the technology of face recognition, that can be applied to the analysis of payments and images for checking bank cards.

The growth of artificial intelligence is driving a whole new class of mobile app possibilities. AI has been influential in app development for several years already, beginning with Apple’s Siri and it has the potential to advance much more in the coming years.

Machine learning has moved out of its infancy and users now want flexible algorithms for seamless and intuitive experiences. The new availability and advancement of AI and machine learning are causing a revolutionary shift in the way that developers, businesses, and users think about intelligent interactions within mobile applications.

AI has come a long way and is a key development area for future technology.

Businesses are getting more diversified. Multi-faceted and personalization remains one of the most vital components of AI technology. With customer engagement, AI is enhancing the user experience. AI is always for here for satisfying individual needs on the basis of experience.

Artificial Intelligence and Internet of Things are really the things of future and they are going to grow and rule the mobile apps development programming so get your first mover advantage while everyone is still exploring and experimenting with these really useful technologies.

If you are looking to stay updated and remain ahead of your competitors. And want to integrate artificial intelligence and machine learning in your existing business application then you should approach mobile app development company. At Coruscate, we provide a complete software development solution. Feel free to Contact Us today!

The post A Game Changer: Explore The Benefits of Artificial Intelligence In Mobile App Development appeared first on Coruscate Solutions.

AI can help you deal with financial issues as well, and you can do it successfully. How AI in Fintech can be applied and other Financial Services? Our goal is to find out it.

Loan documentation used to be a bulky process but now lenders are employing artificial intelligence that makes the process not just faster but also error-proof and secure.

AI can process the applications within seconds, making the approval process truly scalable. This also reduces the chances of default and higher risk loans as it benchmarks the market data to categorize loans with higher chances of default.

hus, AI in fintech makes the process of lending fast and efficient, cutting down both expenses as well as manpower. Even more importantly, it does not allow the personal bias of the credit officer cloud credit decisions.

Artificial intelligence also helps firms to fine-tune their systems and therefore, prevent them from hackers and cyber-attacks. Moreover, artificial intelligence algorithms have the ability to automatically identify the necessary data and segregate it from the bulk of information.

AI is a critical enabler in digital P2P lending. It has replaced the branch-led model with a credit algorithm that is impartial and structures its decisions only on the basis of cold hard data.

Capabilities of AI in Fintech

There are a few main ways how to use AI today in the financial world. We list all of them.

1. Advanced Customer Service

The process of communication between employees of financial services and an ordinary customer is rather easy – it can be done with the help of online chat or smartphone.

As a rule, such specialists can really help you solve main issues, but we cannot exclude human factor – people can make mistakes, and also it can be difficult sometimes for them to give you a right piece of advice. That is where AI can come to the rescue. Today in customer-support interaction between two technological solutions can be offered.

2. Fraud Detection

This subject is very topical since we all want to keep our funds safe, right? And artificial intelligence can be the first technology that will help us do it. The matter is that AI-based fraud prediction system can learn millions of possible fraud attacks, memorize them and analyze.

Moreover, this system can work round the clock, any fraud attack will be blocked quickly. Apart from this, the system learns the way how customer acts, and the detects the differences from a habitual manner.

While integrating AI into your financial services it will protect your customer from any unwanted attacks, and it will be an added bonus to your service.

3. Lowering the Risk In P2P Lending

P2P lending organizations can also benefit from AI since they can analyze the behavior of customer and detect all potential risks in cooperation with a customer.

When a customer plans to borrow money, nobody knows how reliable he or she is. So here, AI in financial services plays a great role. This AI-based system will help to verify it. In addition, neural networks will scan all documents of the borrower to avoid any possible fraud cases.

Thus, the process of documents verification can be automated completely, and it will lower the number of possible errors and failures.

4. Improved Insurance Support

Many insurance companies already start using AI in their working and financial process. AI can help assess the level of damage if something happened to the car insured or house. It means that AI makes it possible to increase the level of customer service in the insurance field as well and prevent new incidents. AI-based chatbots can also be used in this field to give good recommendations to customers. AI enhances your service significantly.

5. Enhanced Investment Analysis

Here AI can become a very useful addition for hedge funds. Such funds are created for rich investors that are looking for good sources to invest their money. AI in financial services can automate this process and make it more secure and precise.

In the nearest future, AI will be used as a tool to work with stock exchange operations since it will automate the whole process in the future. Hence, AI in financial helps to make predictions regarding upcoming prices and perform analysis of the market. Investors can find more opportunities that will work with AI – it will bring more profit for them.

Conclusion

As we can see, AI has a great potential to be used in your financial services. Technologies are developing and artificial intelligence becomes something common for us. The financial area can really benefit from AI and smart chatbots will tell you how you should spend your money wisely and how you can make money with bots?

Actually, AI will simplify our life and make all financial processes more secure and faster. Hence, it is the best opportunity for lending startups to develop P2P lending app or fintech apps. What are you waiting for? Let’s have a call to shape your idea in form of application.

The post How Use Of AI In Fintech Enables P2P Lending For Better Customer Experience? appeared first on Coruscate Solutions.

What is Chatbot?

For those uninitiated, the Chatbots are basically an AI-based computer program, which engages in conversation and conducts a dialog with the person on the other side of the computer/mobile via auditory or textual methods. Accessing a Chatbot is as easy as enabling an assistant on your phone. AI chatbots help perform tasks at times when your resources are unavailable or exerted with the workload.

Let’s take a look at the industries and areas where the Chatbots are useful to the businesses.

Industries Chatbots are Revamping

Chatbot for eCommerce:

We cannot ignore this segment if we are talking about Chatbots and AI. The eCommerce niche has definitely undergone a massive change with the arrival of this technology. Top companies have reported a massive flow of profitability and conversions with the incorporation of Chatbots.

Sephora has registered an 11% increase in the number of appointments that people have taken for a makeover.

Nitro Café has registered a 20% increase in the sales while Asos has registered a 300% increase in the sales with the incorporation of Messenger Chatbots.

The whole attempt at incorporating the Chatbots in the best possible way has led to the impressive figures.

» Here’s what the eCommerce industry has done.

The ai chatbots have become the email substitutes for this industry. These chatbots send across automated emails, which have a better open rate as against the regular emails. This helps businesses connect with the potential and new customers.

The bot marketers use the sales funnels and segment their audiences. The bots have a classic way of identifying when the user says no to a particular product, along with the reason for the same

The Chatbots help the eCommerce industry deliver interactive and engaging content, which is personalized to meet their unique needs

Managing customer relationships and working on engaging prospects has become easy as a result of the bots. The AI-based chatbots can connect based on the emotional reasoning and induce customer loyalty sales have also increased as a result of incorporating bots in the industry.

For instance, the bots based on your recent purchases, upsell products. Similarly, cart abandonment is taken care of by the bots. They send an email immediately to understand the reason for abandonment. The bots are able to personalize the emails and the products for the customers, thus making them engage with the website, and improve the conversion rate.

Chatbot for Customer Service:

This is the second segment where the Chatbots have been useful to the industries. The bots have led to an impactful savings of almost $15Bn for the companies, in terms of salaries and maintaining the resources. The companies have registered a huge improvement in their techniques and management as a result of the customer service.

The FAQs are one of the many instances where the ai Chatbots can help the enterprises. Whenever the client asks a question, the bots can answer it from the available documentation, making it easy and fast for the companies.

The customer service is not always available or does not always have an answer to the queries posed by the customers. That’s why you need the bots. They will be able to answer the questions faster and help the customer service.

Chatbots for Travel Industry:

The chatbots are able to entertain customer queries and increase the number of bookings for the travel and tourism industry. Waylo was able to increase its revenue to 50K per month with the chatbots. KLM was able to increase the customer interactions by 40% while Snap Travel enjoyed $1,000,000 bookings.

Most times users tend to check out the travel locations, check the itinerary and finally move out of the website. With the chatbots, the travel companies can interact with the user, and find out whether or not they made the bookings, and the reason for not completing the bookings

The customers, with the help of the many apps available, compare prices and other details for the different hotels, flights etc. With the bots, the hotels and other travel related applications will be able to gain an insight into what the customer is looking for, and personalize the itinerary accordingly. This will help them improve the bookings and increase the number of conversions.

Optimizing pricing options for the users based on their needs and the type of places they are selecting can make it easy for the users to finalize the place.

Banking Chatbot:

The fintech industry has undergone a massive change based on the various incorporations and disruptions that have occurred in this industry.The Bots can tell the users about the extra charges, the fees they might incur etc. when banking. The bot also informs them about the banking dangers when they are using the card or other banking items outside the country.

Based on your banking behavior, the users get the banking and other tips from the chatbots. These personalized tips help the user’s bank better.

The availability of the customer service 24/7 is a result of the increase in the usage of bots by the banking industry.

The Recent Chatbot Trends

If you see the above the instances, you will find that most often the bots are used to improve the customer service and the overall efficiency of the companies, operating within a particular industry. With the evolving times, you will identify with the many trends that are present in this industry.

Here are a few trends that have been observed in 2018, and are pretty much worth incorporating.

The chatbots have experienced an impressive boost owing to the voice experiences. They went mainstream in 2017, and the various assistants have made it popular too. Voice bots help improve the overall experience of the customer. This will be true for 2018 as well, and in fact, you would have seen a rise in the number of voice bots this year.

The conversational bots will take over the regular bots. Users are able to hold conversations, instead of the repeated statements delivered by the bots earlier. The bots understand what you need, and respond accordingly. This will help in increasing the overall sales and improve the marketing efforts for the company.

The chatbots will be able to collect the data, work on them and analyze it to identify perfect insights for the company. The bots will help the companies in predictive analytics.

Summing up

The AI chatbots are the future of the enterprises, and it has become important for the companies to incorporate this technology if they want to survive the competition. They have gone pretty mainstream, especially in the industries mentioned above.

Coruscate has worked on an AI chatbot system to improve the customer interaction for a client. The Skype bot system we delivered improved the customer retention and the sales for the customer by several manifolds.

If you are aiming to incorporate a bot feature in your company, get in touch with us through contact form. We will help you define the idea and build on it to deliver an efficient system.

The post How Chatbot and AI (Artificial Intelligence) Together Will Improve Businesses and Boost Profitability? appeared first on Coruscate Solutions.

Here is another reason to not ignore AI in your design when opting for iOS mobile app development for your business.

By 2019, artificial intelligence platform services will cannibalize revenues for 30% of market-leading companies.

A lot of industries are using AI to improve their analysis and offer better and personalized products to the users. Planck Re, a fintech platform, uses AI towards improving their risk assessment and offering effective solutions. They study the readily available data on the Internet to build solid profiles for the SMBs that seek insurance coverage.

They realize which companies are in direct need of the insurance products, and what type of solutions will lower the risk for these companies. This company was founded in 2016 and received funding in this month itself. The company has simplified its design in order to improve the user experience.

When you are planning for AI-based platforms, you will need to make your design progressive and in line with the user needs.

Here are a few pointers that should help you with the design of an AI-based iOS app for your business.

Defining The Target Audience:

Oh, nothing beats this starting step! You ought to know who you are designing for; else you won’t be able to give an appropriate platform for the target. The AI apps tend to serve more than one type of persona, which is why you will need to build it accordingly. In case of Planck Re, the data science abilities of the platform are important for the insurers, which will help them understand if the business needs the particular solution or not.

Secondly, the developers need data that can be incorporated into the app to make it seamless and insightful. As a designer, your app should have provisions for both kinds of usage and should allow the end users to readily call for the data that would be useful to them. Image recognition abilities and other machine learning capabilities should be incorporated into the platform during mobile app development for ease of use.

Make The Design Contextual:

It is important that you design artificial intelligence apps that is more contextual. Instead of getting the robots to perform the tasks, and take over human brains, incorporate AI in a way that the human functions are still important. You will need to add context to make the design smart and personalized. Allow humans to interact with the machines but, make sure the interaction is smarter and way easier than it was before. The answers should be more aligned with the questions being asked.

For instance, there is data and then there is AI; now, all you need is the questions or interactions made by the insurers, and then the AI combined with data will reveal the right answers.

Go For Discreet Designs:

How do you unlock your phones in the current times? The face recognition feature tops this answer. It is a discreet design, not added to your interface, yet allowing you to ensure quick and easy access to the application or even to your phone.

When you are designing AI apps for the iOS devices, make sure you integrate such discreet features into the apps. They will help enhance the experience and improve the quality of the app interaction.

These design integrations will not distract the actual experience and will help improve the interactions.

Should Be Scalable and Flexible:

The platform will grow, and with it the number of people in the target audience. If you are designing an AI app, make sure you keep room for scaling the app further. The idea is to allow space for increase in the number of features or addition of functionality to the app. The idea is to evolve the design and keep updating it in line with the more recent demands and the evolving nature of technology.

Ability to Predict Human Behaviour

Your AI app should integrate machine learning to enhance its capabilities. The apps should be able to comprehend the human behavior and tactfully deal with the needs expressed.

The Google Duplex, recently released in the I/O 2018, works on this aspect. According to the change in the conversation, the Google Duplex will start asking questions or give out the data. Your app will be able to modify as per the requirement and there would be an increase in the engagement as a result.

Platform Should Be Responsive

You need to create a platform that is more responsive and agile in nature. The speed with which it responds will help the users stay on the platform for a long while, and increase your conversions.

When you have an app that works in real-time, the responsiveness will help you deliver the results within nanoseconds, thus helping the key management take informed decisions.

Summing up

It is important that you incorporate all the mentioned design considerations when developing an AI based iOS app for your business. A contextual and well-defined AI app will help improve the profitability of your business.

Coruscate offers professional iOS app development services, thus converting your ideas into workable solutions that are successfully delivered to the app store. If you are convinced with an idea, then connect with us to explore design and development possibilities.

The post Top AI Design Considerations That Will Help You Launch An AI Based iOS App For Business appeared first on Coruscate Solutions.