artificial intelligence consulting services

How can AI Reshape the Future of Banking?

Artificial Intelligence (AI) is a set of technologies built to imitate and enhance human intelligence. It is a system that can assess and understand the data that it ingests and suggest actions based on that assessment.

AI’s potential is huge across the banking value spectrum – from driving better data-driven decisions in the back office to applying human intelligence to enhance automation in the middle office, to directing interactions in the front office to enable a better customer experience.

Harnessing Artificial Intelligence can bring the advantage of digitization to the banking industry, helping them to edge out the competition given by FinTech players. According to a report, 32% of financial services providers have already leveraged artificial intelligence consulting services to implement AI technologies like predictive analysis and voice recognition into their business operations.

AI is considered the future of digital banking as it empowersindustry players to combat fraudulent transactions and augment compliance by leveraging advanced data analytics. It aids banks with efficient management of huge volumes of data, concurrently deriving actionable insights from them. AI algorithms facilitate the identification of anti-money laundering activities in a few seconds, unlike conventional processes that take hours and days. Furthermore, features like biometric fraud detection mechanisms, AI bots, and digital payment advisors forge the path for quality customer services, leading to reduced costs and increased revenue.

AI is enabling banks to gain essential competitive edge through:

  • Predictive operations

AI enables banks to predict the future based on past behavior analysis. This helps banks with easy identification of fraudulent activities – such as identity theft and anti-money laundering –further enabling them to make customer recommendations. Additionally, AI helps detect suspicious data patterns among large volumes of data, thereby driving efficient fraud management. Realizing these benefits, many banking institutions across the globe have adopted AI by partnering with professionals offering digital transformation consultancy services.

  • Effective decision-making

Cognitive systems designed to think and respond like human experts provide favorable, real-time solutions based on data available. Banks are harnessing the potential of these systems to make strategic decisions.

  • Process automation

It enables automation of information-sensitive, error-prone, and cost-efficient banking services such as claims management. This alleviates costs, enables accurate and accelerated processing of services, and secures ROI.

Take away

AI will bring profound, positive changes to the banking industry by driving intelligent automation. The technology will enable banks to combine human and machine capabilities optimally to achieve operational and cost efficiencies and deliver customized services. By adopting Artificial Intelligence, many leaders of the banking industry have already capitalized on the opportunity to reap the benefits of AI.

Millennial Partners offers business-oriented artificial intelligence consulting services, helping global enterprises to integrate AI into their business operations. Backed by in-depth domain knowledge, rich experience, and a cross-functional team, we navigate and accelerate your AI development journey.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments, which includes incorporating the most cutting-edge technologies such as enterprise Blockchain, Artificial Intelligence, and Iinternet of Things (IoT).

Our global and experienced team is availablevia e-mail to proffer solutions and answer questions regarding technological advancements and digital transformation!

enterprise blockchain consultants

How can Blockchain help Combat Coronavirus

COVID-19, popularly known as coronavirus, has affected hundreds of thousands of people globally. This human tragedy, declared a pandemic by the World Health Organization (WHO), has claimed over 8,700 lives and there are more than 214,000 confirmed cases across the globe.

The coronavirus is not the first serious pandemic that has claimed several lives and affected the global economy. The SARS epidemic, which outbroke in 2002, affected people worldwide – with 8,000 cases of the virus reported globally and taking away 750 lives.

COVID-19 is no different. However, its impact and consequences are more severe than the 2002 SARS outbreak. The economic consequences are difficult to measure. Fear of coronavirus impact on the global economy has affected global markets, alleviating stock prices and bond yields. Besides, the services industry worldwide is witnessing the impact of the virus – recording reduced consumer spending in retail stores, restaurants, hotels and aviation. Furthermore, the reduction in global economic activities has lowered the demand for oil, leading to a significant drop in oil prices.

Blockchain in action

While it is not practical to expect countries to be fully prepared for such severe incidents, there are solutions to limit the impact – blockchain being the ideal solution.

Tech companies and startups have recognized the potential of blockchain and are building solutions to track supply chain, medical data, and drive global transactions.

Let us explore how companies are leveraging the experience and expertise of enterprise blockchain consultants to build blockchain-driven solutions to combat coronavirus.

Tracking supply chain

Alipay, in union with the Economy and Information Technology Department and the Zhejiang Provincial Health Commission, has launched a blockchain-driven platform to enable users to trace the demand and supply chains of medical supplies – including coronavirus prevention materials like gloves, masks, and other protective gear.

Globally, companies are harnessing the potential of blockchain technology to augment the connectivity in the healthcare industry. Last year, the Food and Drug Administration in the U.S. approved a pilot to leverage blockchain to track shipments and use of medication in North Carolina, Indiana, and Tennessee.

Cross-border payments

A major challenge for governments, charities, and health organizations during large-scale disasters is the distribution of cross-border payments and donations. The United Nations World Food Program introduced blockchain technology for projects, like distributing financial aid to vendors in Jordan, enabling money transfers for over 10,000 Syrian refugees, and auditing beneficiary spending. This alleviated bank transfer fees by almost 98%.

Insurance claims

Xiang Hu Bao – an online mutual aid platform by Ant Financial –is a blockchain-based collective claim-sharing platform with more than 104 million users. Its latest function involves processing coronavirus claims, helping the company to reduce paperwork and mitigate the need for back-and-forth document delivery to clinics.

Another advantage includes the mitigation of the risk of infection from face-to-face contact since the blockchain-powered platform drives transactions without human involvement.

The world is fighting a battle to limit the adverse consequences of COVID-19 outbreak and blockchain can make a significant impact in such a scenario. Blockchain solutions can extend far beyond monitoring healthcare data and enable improvement in the medical supply chain management, food safety and insurance processing, product and vaccine verification to support the global community in its fight against coronavirus.

At Millennial Partners, we offer consultancy for enterprise blockchain, helping global businesses with blockchain integration. Our coherent roadmap and mission-driven solutions together navigate your development journey to offer meaningful business outcomes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

AI and Blockchain Fueling the inception of the Fourth Industrial Revolution

AI and Blockchain: Fueling the Inception of the Fourth Industrial Revolution

AI (Artificial Intelligence) isbringing profound, positive changes to the world by redefining the way businesses compete, grow, and succeed. Simultaneously, blockchainis reinventing business processes, enabling confident and secure access to shared data between organizations. The combined power of AI and blockchain will enable organizations to expand their boundaries and tap into a significant amount of trapped value. Realizing the potential of AI and blockchain, many global enterprises are embracing digital transformation consultancy services to benefit from what these ingenious technologies have to offer.

Together, AI and blockchain are fueling the beginning of the Fourth Industrial Revolution by redefining information exchange. They are poised to offer transformational outcomes across diverse industries, including healthcare, supply chain, government, and more.

Let us explore how AI and blockchain can drive a revolutionary shift across various industries.

  • Supply chain

As goods move through production and supply networks, they have to traverse through various jurisdictions and industry players, connect advanced and emerging economies, and comply with various laws and standards. This adds to the complexity and cost of goods.

Blockchain-driven digital identity has the potential tosimplify the supply chainresulting in higher costefficiency. Digital identity for participants, goods, and locations in a supply chain enables provenance and trackability throughout the supply chain. With a digital representation of real-world assets and monitoring data related to those assets as a single and shared source of information, product improvements can be achieved. Instead of collecting the data in siloes and sharing them across various stakeholders,data can be shared across relevant stakeholders.

The integration of AI into the platform can further enable the use of various algorithms to feed the data and improve the supply chain.

  • Healthcare

AI is transforming the healthcare industry by redefining diagnosis and treatment planning. Many healthcare companies have leveraged digital transformation strategy consulting services to implement advanced technology solutions into their operations.

Smart machines can improve healthcare services but people are reluctant to share their personal data. Blockchain-powered systems enable secure and shared access to health data, allowing patients to retain ownership of their data and gain access to it as and when required. Through this, the patients will rest, assured that their data is encrypted, protected and at the same time, they can leverage AI-enabled personal care.

  • Smart devices

With the advancement in technologies, our lives are integrated with smart devices. Blockchain and AI will together drive decisions on how these devices operate and transact. The proliferation of sensors can be expected to ingest real-world information and AI will be leveraged to improve devices’ understanding based on the data.

Take Away

Blockchain, combined with AI, can together deliver new levels of data accessibility, trust, and security. Many organizations who haveembraced these technologies are running pilot programs. As companies unlock the trapped value, it will fuel the adoption of AI and blockchain technologies. Companies should act now to gain first-mover advantage and amplify their revenue.

Millennial Partners offers digital transformation consultancy services to help global enterprises with blockchain and AI integration. Our customized development solutions, in line with your business requirements, navigate your development journey – from use-case identification to development and deployment.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

How Artificial Intelligence is Reinforcing the Insurance Industry

How Artificial Intelligence is Reinforcing the Insurance Industry

Artificial Intelligence (AI), which empowers machines to simulate and enhance human intelligence, is disrupting businesses across diverse industries. Although AI technology is still evolving, it has the potential to deliver real-world outcomes. The industries are embracing AI technology to address an array of challenges by enabling simpler and smarter machine interactions.

Insurance companies, too, are leveraging digital transformation consultancy services to navigate toward the intelligence age. Whether it is switching from manual tasks to intelligence automation, achieving improved customer interaction, or building intelligent products, Artificial Intelligence will drive profitability and growth for insurers who capitalize on the opportunity.

AI can enable insurers to redefine current processes, chart a path for ingenious products, and transform customer experiences. The technology can bring a revolutionary shift in the insurance industry by enabling the following:

  • Enhanced customer experience

Artificial Intelligence can play a pivotal role in enhancing customer experience by automatically capturing customer information and responding to inquiries.

AI tools can enable customers to provide their information to a chatbot and instantly receive personalized product recommendations and price quotes. Consumers as well as small and medium-sized businesses can quickly buy insurance products online in minutes. The process can be driven by AI tools that provide quick underwriting and pricing based on automated analysis of customers.

  • Accelerated and precise underwriting

AI technology can be harnessed by data sources to enhance the accuracy of risk assessment and quotes. For example, AI tools can be leveraged to automatically analyze real-time data when underwriting homeowner-insurance applications. Telematic data can be analyzed to gain insight into people’s driving behavior.

Many insurance companies are partnering with companies providing digital transformation strategy consulting to integrate AI into their business operations to analyze their customers’ driving data.

  • Augmented claims processing

Artificial Intelligence can automate the processing of most personal and small business claims, thereby significantly alleviating the operational costs. Furthermore, it can accelerate the processes and create a transparent ecosystem.

How can insurance companies harness AI?

Insurance companies need to devise an intelligent framework that enhances their people’s work, redefines their operations, and unlocks growth. By connecting with reliable companies that provide digital transformation strategy consulting, insurance companies can craft intelligent solutions that bring profound, positive results across the following:

  • People

By harnessing the potential of Artificial Intelligence, people can focus more on exceptional work. They can spend their time doing 20% of non-routine tasks that can drive 80% of value creation.

  • Process

Intelligent machines can analyze end-to-end processes and automate these processes to refine and optimize them.

  • Data

Insurance companies can apply Artificial Intelligence to augment large data analytics, quickly evolve algorithms with transactional data, and analyze data to discover trends.

Take away

Artificial Intelligence can redefine the way insurance companies orchestrate, operate, and grow their businesses. The companies can use AI to alleviate costs, drive innovation, and create better customer experiences.

The technology is here. It is time that insurance companies get smart and gear up for intelligent insurance.

Millennial Partners offers digital transformation consultancy services, helping enterprises to embrace and implement advanced technologies like Artificial Intelligence and Blockchain.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae