With increased awareness about the transformative power of AI, the adoption of AI is now being seen across many industries. From large banks like HDFC Bank to ecommerce players like Pepperfry, AI is being used for a variety of use cases. HDFC Bank uses an intelligent AI-enabled bot for improving the efficiency of the credit decision process. Eye balling is of paramount importance in the credit decision process, and the bot mimics a human by eye balling the customer demographics for those who have applied for loans against the already existing base. For the signature verification process for clearing cheques, the bank is using machine learning with almost 80% accuracy to process more than 2.5 lakh cheques a day.
RBL bank is using an AI backed model to identify the optimal loading of ATMs. The AI solution analyses the customer’s behavior and ATMs, in order to refill the ATMs on a timely basis. Using AI, RBL has been able to maintain the fine balance between not letting the money lying wasted in ATMs (which is an expense for the bank) and ensuring that customers do not feel dejected in case of insufficient money in the ATM. The AI-powered model has proved quite successful, and the bank is being able to load 20-30% less money in the ATMs.
E-commerce player, Pepperfry, is using AI to aid in product discovery for end users. AI is used to determine the appropriate products for a particular customer and the sequence in which these should be displayed to them. At Yes Bank, candidates are interviewed by an AI bot on a one-way video platform. Based on insights from the interview, the AI solution makes the first level evaluation much more convenient and effective without human bias, especially in large volume hiring. The solution also creates personality reports, for each job applicant, which tells Yes Bank about the applicant’s relevance to the job.
Online pharmacy, Netmeds, uses AI to rate a particular prescription. As pharma product recommendations cannot be recommended to a user, the pharmacy uses machine learning and analytics to profile customers and recommend FMCG products or products that do not require a prescription and complement the pharma products that the customer buys. Apollo Hospitals is leveraging AI, ML to effectively guide patients and clinicians so that the clinical outcomes are further increased to the highest possible levels and ensuring the best quality and safety.
As more use cases emerge across industries, one can expect the trickle of AI success stories to become a flood!