“Here’s a look at some of the world’s most powerful, promising applications of machine learning to benefit society.”
“Omri Katz says a common problem when it comes to ecommerce is converting a user into a customer. When someone visits an online store, ‘98% of online users will leave the online store without completing a purchase,’ Katz says.”
“Online, in store, in the warehouse, the opportunities to leverage AI and machine learning (ML) to improve retail operations are compelling – no wonder research predicts that retailers will spend $15.3 billion on AI by 2025, $8 billion more than initially forecasted by the end of 2022. However, before AI can be truly effective in the sector, the challenges of data quality and quantity must first be addressed.”
- “Huntington Bank launched an automated savings feature, per American Banker, augmenting its digital banking rethink from several years ago centered around budgeting, cash flow analysis, and goal setting.
- Huntington’s sweep feature maxes out at $150/week, which adds up to nearly $8,000/year.”
“Because of accurate AI algorithms, churn probability predictions improve customer retention. This is crucial as customers frequently stir without obvious warning signs. Therefore, it is challenging to run mainly targeted anti-churn campaigns. On the other side, retention activities can be costly, sometimes much more so than the value a potential customer may bring.”