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Finance and Banking: In the financial industry, AI is used for fraud detection, credit scoring, algorithmic
trading, and customer service automation. AI algorithms can analyse large amounts of financial data to
identify patterns and predict market trends, improving decision-making and reducing risks.
For example, AI-powered fraud detection systems help banks detect unusual transactions and prevent
fraud in real-time.
Customer Service: AI chatbots and virtual assistants are widely used to improve customer service. These
systems can answer customer inquiries, resolve issues, and provide support 24/7, reducing the need for
human intervention and improving customer experience. For example, Chatbots on websites like those
of banks, telecom providers, and e-commerce platforms handle basic customer inquiries, providing quick
solutions.
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