Finance and Banking:
Fraud detection – AI and machine learning models are able to analyze large amounts of customer transactions and identify potentially fraudulent activity much faster than humans. This helps banks and financial institutions prevent fraud and money laundering.
Trading – Many investment banks and hedge funds now use AI to analyze market trends and macroeconomic signals to inform automated trading strategies. Algorithms constantly monitor markets for opportunities.
Personal financial management – AI tools allow customers to better track spending, automatically categorize transactions, and generate budgets/savings plans based on past financial behavior. This helps people gain more control over their money.
Robo-advisors – Automated investment platforms use AI to gather customer risk profiles and financial goals then build and manage personalized portfolios without human financial advisors. This has expanded access to affordable financial advice.
Credit assessment – AI evaluates thousands of data points about applicants to quickly assess creditworthiness and catch errors or missing information in applications that people may overlook. This streamlines the approval process.
Law:
Contract review – AI sifts through contracts, agreements and other legal documents to identify key clauses, obligations and other importantdetails. This accelerates legal review of deals, cases and regulations.
Legal research – Powerful AI systems have immense knowledge bases of laws, cases, regulations and other legal information. Lawyers can search for relevant precedents, get summaries of case law on topics or monitor new regulations—speeding up research.
eDiscovery – During litigation, AI helps analyze vast amounts of documents, emails, records and other potential evidence submitted for discovery. It can find and surface the most relevant information for attorneys among millions of documents.
Automated document generation – AI is being used to generate basic legal documents like non-disclosure agreements, wills and patent applications based on responses to interview questions. This expands low-cost access to legal services.
Manufacturing:
Production quality control – AI vision systems monitor manufacturing processes in real-time, identify defects on production lines and trigger fixes before defective products make it to customers. This enhances quality.
Predictive maintenance – Sensor data from machines is analyzed with AI to detect performance issues, predict mechanical failures and schedule repairs. This minimizes downtime and unplanned outages.
Supply chain optimization – AI finds patterns in demand trends, lead times and more to continuously optimize procurement, inventory levels, transport routes and other factors for highest efficiency.
Production process efficiency – AI algorithms help configure flexible robot assembly lines for highest throughput. It also improves energy/resource usage in manufacturing facilities through automation and predictive controls.
Transportation:
Autonomous vehicles – AI drives development of fully self-driving cars, trucks, ships and aircraft through computer vision, planning and control. This improves safety while saving fuel and expanding mobility options.
Traffic management – Cities now use AI to monitor traffic flows, predict congestion, optimize light sequences and guide drivers to less busy routes via apps like Waze. This eases traffic.
Predictive transportation – Public transit agencies use AI models to anticipate maintenance needs, demand patterns and schedule vehicles/crews most efficiently based on historical usage and external event data.
Drone delivery – AI enables drones to navigate autonomously, detect obstacles, plan flight paths and potentially deliver goods short distances in future to cut emissions from vehicular delivery.
Shared mobility – AI optimizes vehicle sharing through dynamic pricing, routing, rebalancing and demand forecasts to maximize fleet utilization for services like Uber, Lyft and electric scooters/bikes.
That provides a sampling of examples demonstrating how AI is already being widely applied across finance, law, manufacturing, transportation and other industries beyond healthcare, education and marketing/advertising to improve efficiency, safety, productivity and access to services. The opportunities for beneficial innovation with AI will likely continue expanding into many new domains that haven’t even been conceived yet as the technology advances further. Widespread AI adoption will undoubtedly help drive substantial economic and societal gains in coming years if properly managed.