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Artificial Intelligence

Power of AI In the Retail Sector



Artificial Intelligence (AI) is making inroads into almost every modern industry, and retail is no different. A published study predicted that by the year 2023, the retail sector would typically spend $12 billion on AI. There realistically are several possible reasons for this, but majorly it is because this advanced technology helps in progressively improving productivity while decreasing operational expenses.

In recent times, the retail sector has undergone a drastic change and therefore it becomes imperative on our part to understand and carefully examine its various elements. Given the fact that customers are inclining towards AI-enabled solutions, like digital assistants, chatbots etc, the rise of AI has presented several opportunities to the sector.

In this modern era of artificial intelligence and big data, AI will assist retailers to become smart so that they can provide the most efficient services to their customers which will directly help retailers to gain a more proper understanding of consumer needs.

AI can handle extensive data from various sources, including photos and videos. Apart from this, it can monitor customer behavior and reaction, which will transform the retail business, whether online or offline.

Besides the above things, AI can also assist in various specific areas in the ai retail sector. Below, represent some fields in which AI is undoubtedly playing a vital role.

1. Understanding and Predicting Consumer Behaviour

Knowing and predicting consumer behaviour/demand across interconnected supply chains is more important than ever, and we expect AI technology as an essential component in it. Retailers can use real-time cloud technology to properly evaluate various contributing factors affecting consumers’ behavior. Retailers will forecast behavior of the customers and carefully tailor their purchasing experience as per their specific need.

For example, Amazon uses a recommendation engine and made 35% of its income through it. The practical algorithms look into a customer’s prior behavior and recommend them accordingly.

2. Reducing Wait-Time At Counters

Using artificial intelligence in automated self-checkout systems has been the most inventive upgrade to existing self-checkout processes. AI-enabled solutions will not only make transactions faster but also dissuade fraud.

Implementing AI-based technology can save a lot of time and effort. It will also help in reducing the operational cost by lowering staff salaries. Some of the successful retailers like Amazon have already adopted this technology. Apart from it, Decathlon and Mc Donalds have installed automated checkout machines too.

3. Availability Of Virtual Trials

A new trend of purchasing, particularly during a period of economic uncertainty, provided this modern technology a significant boost. These virtual trial rooms help clients reduce time, money, and travel expenditures by allowing them to select genuine products in just a few minutes from anywhere.

Several retailers like Levis, Gap and others installed AI scanners and received enormous sales within the same customer base.

4. Inventory Optimization

AI is also used to calculate how much of each commodity’s items depending on the warehouse location, season, and city should be stored. AI then adjusts the quantities of optimal stock.

A leading retailer, H&M uses AI to place popular goods in stock. The algorithm informs the shop about which items are necessary in specific locations in order to advertise and distribute more products.

5. Logistics, Transportation, and Delivery Management

The way the retail business handles logistics and transportation has already been altered by AI. Self-driving cars, robot delivery, intelligent route planning, and drones are just a few of AI’s fascinating new advances.

6. Store Layout Management

Retailers can improve retail shop design and layout with AI. AI can assist to customize the layout of retail establishments in order to increase consumer happiness and sales.

7. Media Optimization

Retailers’ engagement with digital media is growing because of AI. AI is assisting the retailers to execute campaigns on both paid and free media outlets, such as YouTube, Facebook, and Google.

Through the above applications, customers will be more likely to engage in shopping activities. Apart from this, customers will benefit from speedier and more intelligent shopping assistance, resulting in more effective and efficient purchasing selections.

How Anolytics is contributing to this revolution.

We provide unrivaled image annotation services by using a targeted strategy and advanced tools and technologies to build a quality and sucessfull AI-based model. We use enhanced technologies that function at the pixel level with sophisticated algorithms to do accurate image annotation for retail.

We annotated images and videos using Bounding Boxes or 2D and 3D Cuboids for precise object detection. Apart from these annotating methods, we additionally use Semantic Segmentation, Polygon, Landmark, Polylines.

When clients outsource image annotation services from Anolytics, they get a cost-effective solution that assists them to keep their project costs down while maximizing productivity.

Image Credit: AI in Retail

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Artificial Intelligence

Wealthech: Fabrick and Prometeia Partner on Wealth Management Solution Incorporating Open Banking, AI



Fabrick, an Open Banking Fintech and Prometia, a company offering wealth management solutions, have joined to launch the Global Investment Portfolio, a digital wealth management solution that utilizes artificial intelligence (AI) as well as Open Banking tech.

According to a release, the two companies have pooled assets and skills in open banking and AI to develop the Global Investment Portfolio that puts together an investor’s overall financial portfolio through the aggregate analysis of the bank accounts held by them across various institutions. The Wealthtech leverages AI to spot information generated by asset management activities run by other banks without the need for direct access to all of an investor’s separate investment accounts.

Global Investment Portfolio uses Fabrick’s PSD2 Gateway that allows access to comprehensive bank data through the account aggregation service which provides analysis of all current accounts. The service provides a multi-bank experience that allows customers to view all information from a single touch point. The service is designed to allow investors to monitor all their investments from a single platform while providing real-time comparisons of investments and the ability to easily see which are performing and which are not.

Matteo Necci, a Partner at Prometeia, explained:

“Global Investment Portfolio is a cutting-edge solution with respect to the main trends in Digital Finance and is proposed as a distinctive element in the automation and digitisation of customer advisory processes. The combination of our know-how in artificial intelligence solutions for wealth management with Fabrick’s open banking expertise and ecosystem allows intermediaries to have in-depth knowledge of the investor’s financial portfolio, fully developing the potential of PSD2”.

Paolo Zaccardi, CEO of Fabrick, said that wealth management is a sector that is proving to be very active in exploiting the benefits of Open Finance to develop new digital services that meet the needs of the public and end consumers:

“Fabrick is an active part of this process and the partnership with Prometeia demonstrates how access to current account data represents only the tip of the iceberg of the numerous opportunities presented by our ecosystem and the collaborative approach we promote. You just have to look at the Global Investment Portfolio solution to understand the great value that the combination of account aggregation and data categorisation brings to all the players involved, tangibly enabling a new and more complete and personalised offer model.”

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U.S. Issues Warning Advisory on Travel for the UK Over Rising COVID-19 Cases



Americans should not travel to the United Kingdom – including England, Scotland, Wales, and Northern Ireland – because of the rise in Covid-19 cases caused by the virus in the Delta variant. Both the U.S. Centers for Disease Control and Prevention (CDC) and the U.S. Department of State have given the UK their very high warning levels.

Yesterday the CDC raised travel advisory in the United Kingdom to level 4, which means “the highest level of Covid-19.” They issued a notice that reads “If you must travel to the UK make sure that you are vaccinated”. “Due to the current situation in the United Kingdom, even fully vaccinated travelers may be at risk of receiving and distributing COVID-19,” the CDC notice said.

Covid-19 cases grew by more than 50,000 a day in the UK and hundreds of thousands of Britons were asked to go for self-isolation for ten days. In the U.K. the warning level previously was at level 3, indicating a “high” level of Covid-19 and warns that only fully vaccinated travelers should travel.

The U.S. Department of State raised its United Kingdom tourism warning to Level 4, which means “don’t visit the Uk.”The United Kingdom is currently recording an average of 65 new Covid-19 cases per 100,000 people, from the data issued by the Brown School of Public Health. That level of exposure puts the country “tipping point,” according to Brown’s Covid-19 risk assessment map.

U.S. Warnings were issued last Monday just after England abandoned the last of its epidemic restrictions and celebrated festive events to celebrate “Freedom Day”. This raised eyebrows for many countries including the US. However, Scotland, Wales, and Northern Ireland keep certain restrictions such as compulsory masks and social distances in public places.

Covid-19 is also rapidly spreading in the United States. Delta’s variant of Covid-19 exacerbates an increase in the number of deaths nationwide, say U.S. health officials. The United States currently records 12 new cases every day for every 100,000 people. The American epidemic epicenter is the state of Florida, currently recording 49.3 new cases a day out of 100,000. “This has become a pandemic for the uninitiated,” said Dr. Rochelle Walensky, director of the CDC.

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Artificial Intelligence

Will AI Developments Help Open Banking Take Off?



Artificial intelligence has become a gamechanger in the banking industry in recent years. The global market for AI in Fintech was valued at nearly $8 billion last year. It is projected to be worth nearly $27 billion by 2026.

There are a number of reasons that AI is becoming an integral part of the banking industry. One reason is that it is driving process automation. However, AI is starting to show potential with even more complicated automation issues.

AI has made open banking possible. New advances in AI could help open banking become even more popular in the near future.

AI Drives the Future of Open Banking

Open banking is the technical process that allows financial providers to dip in and see the banking history and activity of a customer before they apply. It has been made possible through new developments in AI technology.

The process was recently introduced in the UK and many suggest that it could be the future of underwriting and eligibility for products such as credit cards, loans and mortgages. Antonio Tinto wrote an article about the evolution of open banking in the context of AI in fintech in his LinkedIn post Open Banking and AI – The Rise of Cognitive Banking.

Customers must agree for lenders to see their transactional history and financial information during the application process – but this should be able to provide lenders with a better understanding of the customer’s borrower spending, including highlighting any gambling or debt problems with machine learning algorithms. 

For lenders this offers a very insightful look into a customer’s spending habits and should provide much better decisions in terms of loan approvals, credit limits, loan amounts and more.

Budget planning programs and also fall under the umbrella of open banking. These machine learning programs compile data sourced from multiple locations such as credit cards and bank accounts, providing a full picture of spending habits. 

What Are the Benefits of Open Banking with AI?

Open banking gives lenders a better picture of a spender’s habits, allowing them to make an informed decision regarding potential loan and credit applications. Lenders use complex data-driven algorithms to make these analyses.

Currently, lenders rely heavily on customer credit scoring and other metrics including income checks and affordability checks, but for the average personal loan or credit card, there is no real delving into someone’s banking activity or machine learning analysis.

This allows lenders to find concrete information if there are recurring gambling issues, multiple loans taken out or huge overdrafts – something that typically goes unnoticed by lenders in basic checks.

Beyond this, lenders and credit providers can use these findings to improve their underwriting and build models to determine eligibility patterns – and thus approve better customers and increase their repayment rates.

What Are the Risks Associated with Online Banking?

Risks associated with online banking tend to include concerns about privacy policies and data protection. Financial data from various sources is merged in order to be analyzed in comparison with other datasets to create predictive algorithms. This can then forecast future spending habits.

This requires the access of private financial data, giving firms access to any transactions. Lenders are able to see any financial transactions taking place with customer consent, which could prevent them offering a loan.

The Difference Between Open Banking and Credit Scoring

Open banking can potentially offer more accurate reflections of a person’s financial situation and can also utilize existing credit scores to make decisions surrounding potential loans even stronger.

As open banking increases in popularity, different types of loans will be able to use it to provide lenders with clear insights of borrowers financial habits. Mortgages and other types of loans have the potential to operate in this manner, as open banking is adopted by more and more businesses.

Will Open Banking Take Off as AI Becomes More Widely Used in the Financial Sector?

AI technology has made open banking possible. Banking institutions are relying more heavily than ever on machine learning algorithms.

David Beard, founder of price comparison site, Lending Expert, commented:

“Open banking is certainly revolutionary and will definitely help lenders to better understand their applicants. Being able to see a customer’s bank statement history can highlight potential risks such as gambling debts or if they are starting with huge debts to begin with. This could help lenders steer clear of troubled customers or approve those that look more appealing.”

“The only challenge is that people have to opt into open banking, which not every customer will want to do – and ideally you need real volumes to make a difference to your bottom line and to build future models.”

“If lenders and providers can present this in a smart way that is data compliant and abides by regulation, open banking could be transformative.”

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Artificial Intelligence

Maine’s facial recognition law shows bipartisan support for protecting privacy



Maine has joined a growing number of cities, counties and states that are rejecting dangerously biased surveillance technologies like facial recognition.

The new law, which is the strongest statewide facial recognition law in the country, not only received broad, bipartisan support, but it passed unanimously in both chambers of the state legislature. Lawmakers and advocates spanning the political spectrum — from the progressive lawmaker who sponsored the bill to the Republican members who voted it out of committee, from the ACLU of Maine to state law enforcement agencies — came together to secure this major victory for Mainers and anyone who cares about their right to privacy.

Maine is just the latest success story in the nationwide movement to ban or tightly regulate the use of facial recognition technology, an effort led by grassroots activists and organizations like the ACLU. From the Pine Tree State to the Golden State, national efforts to regulate facial recognition demonstrate a broad recognition that we can’t let technology determine the boundaries of our freedoms in the digital 21st century.

Facial recognition technology poses a profound threat to civil rights and civil liberties. Without democratic oversight, governments can use the technology as a tool for dragnet surveillance, threatening our freedoms of speech and association, due process rights, and right to be left alone. Democracy itself is at stake if this technology remains unregulated.

Facial recognition technology poses a profound threat to civil rights and civil liberties.

We know the burdens of facial recognition are not borne equally, as Black and brown communities — especially Muslim and immigrant communities — are already targets of discriminatory government surveillance. Making matters worse, face surveillance algorithms tend to have more difficulty accurately analyzing the faces of darker-skinned people, women, the elderly and children. Simply put: The technology is dangerous when it works — and when it doesn’t.

But not all approaches to regulating this technology are created equal. Maine is among the first in the nation to pass comprehensive statewide regulations. Washington was the first, passing a weak law in the face of strong opposition from civil rights, community and religious liberty organizations. The law passed in large part because of strong backing from Washington-based megacorporation Microsoft. Washington’s facial recognition law would still allow tech companies to sell their technology, worth millions of dollars, to every conceivable government agency.

In contrast, Maine’s law strikes a different path, putting the interests of ordinary Mainers above the profit motives of private companies.

Maine’s new law prohibits the use of facial recognition technology in most areas of government, including in public schools and for surveillance purposes. It creates carefully carved out exceptions for law enforcement to use facial recognition, creating standards for its use and avoiding the potential for abuse we’ve seen in other parts of the country. Importantly, it prohibits the use of facial recognition technology to conduct surveillance of people as they go about their business in Maine, attending political meetings and protests, visiting friends and family, and seeking out healthcare.

In Maine, law enforcement must now — among other limitations — meet a probable cause standard before making a facial recognition request, and they cannot use a facial recognition match as the sole basis to arrest or search someone. Nor can local police departments buy, possess or use their own facial recognition software, ensuring shady technologies like Clearview AI will not be used by Maine’s government officials behind closed doors, as has happened in other states.

Maine’s law and others like it are crucial to preventing communities from being harmed by new, untested surveillance technologies like facial recognition. But we need a federal approach, not only a piecemeal local approach, to effectively protect Americans’ privacy from facial surveillance. That’s why it’s crucial for Americans to support the Facial Recognition and Biometric Technology Moratorium Act, a bill introduced by members of both houses of Congress last month.

The ACLU supports this federal legislation that would protect all people in the United States from invasive surveillance. We urge all Americans to ask their members of Congress to join the movement to halt facial recognition technology and support it, too.

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