Finance, Healthcare and Transport Pioneering the Use of AI
AI is revolutionising industries and transforming customer experiences whilst enhancing productivity. But the presence of AI is not evenly distributed, with these three sectors pioneering the way:
Finance
AI has made its largest impact in finance particularly through machine learning models which analyse enormous amounts of data in real-time. Furthermore, automated trading nows accounts for 76% of financial transaction volume. Leading this surge of AI in the finance industry is Algoriz, a joint venture including Goldman Sachs allows users to create trading algorithms all while requiring little technical knowledge. On the other end of the spectrum, finance veterans are also extensively used AI for example Payment gateway FlexPay utilises AI to predict and prevent a credit card from declining.
Healthcare
This year has been unparalleled in terms of AI breakthroughs in healthcare. For example, earlier this year Deep Mind was able to detect lung cancer better than seven trained radiologists. Compared to the experts, AI detected cancer accurately 4% more often while reducing the occurrence of false positives by 12%.
Looking at other AI application in healthcare, while it is unlikely AI will fully replace surgeons in carrying out procedures any time soon, AI is likely to revolutionise the back-office work in the healthcare industry. Especially for tasks such as medical billing which is essentially matching data to specific patients, a routine task , exactly what AI excels at.
Travel
In megacities, there has been a growing focus on reducing traffic and accidents. Startups like Waycare are tackling these problems by for example working with these cities to develop more efficient roadways through having AI analyse the traffic data. AI is also being developed to become the ‘brains’ of autonomous vehicles for example differentiate between objects such as pedestrians and road signs. The result will mean fewer deaths and more efficient journeys and therefore fewer emissions.

Graphical Representation of Waycare using AI to reduce traffic, Source: Waycare
It is clear that the use of AI is being concentrated in industries such as finance, healthcare and travel. It will be interesting to see whether this imbalance increases in the future or whether AI becomes more evenly distributed due to diminishing returns.