Area
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About
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Applications
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Challenges
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AI in Healthcare
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- AI in healthcare revolutionizes diagnosis, treatment, and patient monitoring, enhancing research and outcomes.
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- AI-driven CDS tools enhance diagnostic and treatment recommendations.
- AI improves clinical trials, supporting diversity and innovation.
- Enhances early disease identification and intervention.
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- Challenges include data access, privacy issues, data misuse, and regulatory ambiguity.
- AI in healthcare promises advancements in diagnostics, treatments, research, supply chain, and operational efficiencies.
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AI in Agriculture
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- AI in agriculture addresses food inadequacy and adapts to a growing population.
- AI models in crop planning and precision agriculture improve harvest quality.
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- AI-based planning for micro and macro cropping, credit, extension, irrigation, and sowing windows.
- Enhances harvest quality through precision agriculture.
- AI frameworks manage nutrition, promote one health, mechanize farms, analyse soil, predict pests and weather.
- World Economic Forum's AI for Agriculture Innovation (AI4AI) initiative promotes AI use in agriculture.
- Market-based intelligence, traceability, logistics, supply chain optimization, fintech, and demand-price production improve efficiency.
- Data-driven AI enhances agricultural productivity and creates a national market.
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- Challenges include infrastructure, technology access in remote areas, and farmer education.
- Future prospects involve investment, research, and collaboration to make farming sustainable and productive.
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Multimodal AI
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- Multimodal AI combines multiple inputs to solve complex tasks, associating the same object or concept across various media facets.
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- Utilizes machine learning for better insights and predictions about financial results.
- Combines information from various streams.
- Generates textual descriptions, transcribes videos, converts text-to-speech, analyzes facial expressions, and develops sensors for autonomous vehicles.
- Assists individuals with disabilities by providing environmental awareness.
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- Challenges include privacy concerns, ethical considerations, and the need for standardized frameworks.
- Multimodal AI systems advance, addressing privacy and ethical concerns, expanding use cases.
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AI in Finance Sector
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- AI techniques find application in asset management, impacting asset allocation and stock selection in the buy-side market activity.
- Combining cognitive technology with AI benefits banks, helping them compete with FinTech players.
- Approximately 32% of Indian financial service providers use AI technologies like Predictive Analytics and Voice Recognition.
- AI features such as bots, digital payment advisers, and biometric fraud detection enhance service quality, leading to increased revenue and reduced costs.
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- In lending, AI models can reduce credit underwriting costs, aiding credit extension to 'thin file' clients, promoting financial inclusion.
- In blockchain-based finance, AI enhances efficiency gains in DLT systems and augments smart contract capabilities.
- Future prospects include AI supporting decentralized applications in decentralized finance ('DeFi').
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- AI in trading may amplify illegal practices, making it challenging for supervisors to detect collusion among machines.
- AI applications may create or intensify financial and non-financial risks, raising consumer and investor protection concerns.
- Lack of explainability in AI model processes poses challenges for financial institution safety and soundness.
- Difficulty in understanding AI model results may conflict with existing financial supervision and governance frameworks.
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