Personal Assistants Are no Longer For Managers Only! Artificial intelligence (AI) is making its way out of the universities’ ivory towers into the business world. With the implementation and application of AI, many things are going to change.
Revenue from digital assistants for end-consumers
The revenue for digital assistants for end-users was about 18 million US dollar in 2015 and quintupled within a year to roughly 105 million US dollar. In 2017, revenue was estimated at 690 million US dollar and is expected to skyrocket to 12 billion US dollar (which would equal an increase of 1,700 percent compared to 2017).
Personal assistants are usually only spotted in the upper floors of a corporate building: They assist upper level managers, who have tight schedules, complex task-lists, and are assigned with a high level of responsibility.
“Human” personal assistants coordinate meetings with stakeholders, prepare decisions and information for the manager, and remind their superiors of relevant results and issues.
Personal assistants pull the strings behind the stage and increase the efficiency and quality of their manager through tremendous commitment.
What are the benefits of having digital assistants at work?
Collaboration is done digitally, project-coordination is conducted via messenger service in real time and processes can be automated: Teams and companies work more efficiently, thanks to software tools. However, altogether the benefits of the tools cannot held up to their promises. Instead of relieving the workload of the staff, employees are stressed by information overload, which is an accompanying symptom of the so-called digitalisation.
Market For Enterprise Digital Assistants
In comparison, revenues from enterprise digital assistants were estimated to be at at 800 million US dollar in 2017. Until 2025, revenues are expected to grow annually by 35 percent to 7.7 billion US dollar (Tractica).
Further Terms For Digital Assistants
The following synonyms are commonly used to describe concepts equivalent to “digital assistants” and used interchangeably.
(Personal) digital assistant
Intelligent personal assistant (abbr. “IPA”)
Intelligent virtual assistant (abbr. “IVA”)
Virtual digital assistant (abbr. “VDA”)
Voice-enabled digital assistant (i.e. Amazon Alexa)
Fraud Detection Stopping Fraud in its Tracks with AI
Fraud is a huge problem in the banking industry. In 2016, the top 10 fraud types including wire fraud, card fraud, and loan fraud accounted for $181 Billion in annual losses, and the numbers are only increasing, according to fraud expert Frank McKenna. Detecting and preventing fraud is a huge challenge for banks given the large variety of fraud types and the volume of transactions that need to be reviewed and manual or rules-based systems can’t keep up.
AI can be used to analyze large volumes of transactions to find fraud patterns and then use those patterns to identify fraud as it happens in real-time. When fraud is suspected, AI models can be used to reject transactions outright or flag transactions for investigation and can even score the likelihood of fraud, so investigators can prioritize their work on the most promising cases.
The AI model can also provide reason codes for the decision to flag the transaction. These reason codes tell the investigator where they might look to uncover the issues and help to streamline the investigative process. AI can also learn from the investigators as they review and clear suspicious transactions and automatically reinforce the AI model’s understanding to avoid patterns that don’t lead to fraudulent activities.