Noteworthy App Ideas powered by Machine Learning and Artificial Intelligence!

Noteworthy App Ideas powered by Machine Learning and Artificial Intelligence!
machine learning development company
As per a report generated by PWC, there has been a noticeable venture capital investment of $5 billion in about 605 deals in the last two years and Artificial Intelligence (AI) has made an apparent impact on these investments. AI has emerged as a transformative technology influencing end-users, business enterprises, and technology markets across the globe through AI-powered or ML-based apps; where Machine Learning (ML) is an important and integral part of AI.
PWC’s report also says that about 67% of the business leaders think that in the future, AI will be fundamental for businesses and help automate mundane processes and greatly enhance productivity.
No wonder why, both these technologies- AI and ML are being widely preferred by Mobile and Web app development companies worldwide. A plethora of AI and machine learning development services have emerged in the past few years and have led to the development of some out-of-the-box apps.
So in this article, we will discuss such amazing app ideas made possible by smartly integrating ML and AI in them. Before getting started, let’s have a glance at what benefits do these technologies offer.

Top-notch Advantages of AI and ML-based Mobile Apps

Apps powered by ML and AI
Personalized User-experience:
By gathering vital user data, and using advanced algorithms these apps serve the users with a personalized experience as per their preferences.
Image Recognition:
Using this feature, the users can detect and categorize entities within images. It helps them with face recognition, object identification, emotion detection, etc.
Voice/Speech Recognition:
This feature helps to automatically capture human speech and accordingly give recommendations too. Google Assistant is one the best examples for this application.
Chatbots:
This is another popular feature of AI and ML. Chatbots are extensively used for interacting with users, collect feedback from them, resolve their queries, etc.
High Productivity and Efficiency:
Several people and even enterprises prefer software applications for improving their productivity. Applications based on ML and AI are intelligently designed to meet this purpose. These help the users to automate their tasks improve productivity and thus, save time efficiently.

Exceptional App Ideas Powered by AI and ML

Healthcare-related Apps: Redivus Health and BillyScreen
Redivus Health:
Redivus Health is an intuitive application based on AI and ML used by numerous healthcare providers. It helps to prevent data-related errors in healthcare organizations. Also, it offers uninterrupted support for clinical decisions on a real-time basis during medical documented events.
BillyScreen:
This renowned mobile app makes use of AI and ML tools, smart cameras, computer vision algorithms, etc. for identifying surged levels of bilirubin present in the white part of the human eyes. Besides, the app is also utilized for the identification of severe ailments like pancreatic cancer.
Photo Finding App: IntelliP
IntelliP helps the users to find high-quality photos by using an on-device detection model. This app will scan and organize all the images present in the smartphone into several categories depending on the items in the phones. Every new image downloaded in the phone is distributed in such categories.
From this categorization, the favorite images of the users will be obtained and the app will also suggest some related photos from the web. If required, the users could even buy premium images that are suggested by their phone depending on the categories of images on their phones. This app also gives insights to the developers about the types of images that the users like the most in a particular geographical location.
IT Services App: AI2
This AI-powered platform is designed by MIT’s Pattern X, Computer Science, and Artificial Intelligence Laboratory (CSIL). It comes with proactive contextual modeling which enables the platform to predict potential cyber-attacks in advance. The contextual modeling is like a continual feedback loop between a human analyst and an artificial intelligence system.
Dating App: Blind Dating
This dating app developed by Biz4Solutions uses smart match-making algorithms for the users to find a matching personality. A personality test is conducted to gather data depending on the personality traits of the users and based on this test, the app recommends the best match. Later, the users can meet their special one by setting a time and a place to meet using this app.
Cybersecurity Apps: CrowdStrike and LogRhythm
CrowdStrike:
CrowdStrike is a brand that utilizes Falcon- a cloud-based endpoint security software. This software provides top-grade security and proactive prevention against cyber threats. The app has served diverse industries like healthcare, finance, retail, etc.
LogRhythm:
LogRhythm is another high-end security solution that serves various organizations by identifying and responding to several cyber-security issues. Its machine learning profile plays a vital role in the identification of threats and other online anomalies.
Story-telling App: StoryTeller
The StoryTeller app will tell fascinating stories to you from your favorite books at your convenience. The app would read these stories as a professional storyteller does. You just have to paste the story’s link in the app or import the story’s PDF/ Word file to the app. The app predetermines the style of narrating the story depending on a categorical analysis of the obtained story.
GeoInterest
This is an interesting app that when installed on your phone, automatically identifies, bookmarks, and saves the details of your favorite places, whenever you go on a trip or navigate any nearby area. The app tracks your location and the places of your interest. It obtains the exact location of those places on the map, and gathers data like their website address, phone numbers, emails, social media links, etc. You can mark your favorite bookmarks on the app and whenever you pass from that location, you get instant notification of your favorite place.
Luxury On-demand App
This app developed by Biz4Solutions provides various luxury services on-demand to users. The service providers accept the requests from the users and offer them more details on their luxury services. The app comes with features like flexible payment options, geo-location integration, user authentication, report generator, etc.

Concluding Words:

The app ideas mentioned in this article have the ability to transform mobile experiences and benefit the entrepreneurs or start-ups adopting them. These apps collect vital user data and offer a more personalized experience to the end-users. As a result, these aptly meet the customer expectations and also improve engagement. Also, such apps show relevant ads to users, driving higher clicks and conversions.
In case you want any assistance on building new-age apps using these technologies, connect with Biz4Solutions team. Biz4Solutions is a high-end AI and machine learning development company.

How Machine Learning Solutions are transforming the World of Financial Services?

How Machine Learning Solutions are transforming the World of Financial Services?
Machine Learning Development Services
The Fintech sector has progressed beyond imagination. Just a few years ago, it took several weeks to get loans approved, but today, everything is processed online and it takes barely a day. Likewise, financial frauds used to occur very often and the financial safety of the user was a big concern worldwide. However in recent times, such fraudulent transactions have reduced considerably, though, online transactions have increased immensely.
How did this happen? What changed?
The mobile revolution and the emergence of trending technologies like machine learning have brought a paradigm shift in the fintech industry. Machine learning technology has transformed the financial industry in a big way.
The algorithm used by Machine Learning is used to identify correlations and work patterns within the large amount of data used in sequences, operations, and events. Hence it is used successfully in process automation, customer support optimization, financial monitoring, portfolio management, algorithmic trading, etc., and much more!
So, in this blog, we will outline how machine learning development services have impacted the fintech sector! Rather, we will have a glimpse at the machine learning applications in this sector. Let’s commence.

Significant Role of Machine Learning Solutions in the Fintech Sector!

Machine learning solutions
Risk Management
In the Fintech industry, risk management refers to the process of identifying, analysing, and migrating or accepting uncertainties i.e. potential risks while making any investment. It also includes taking precautionary steps to reduce such financial risk. Machine learning solutions along with AI and deep learning can help in making informed decisions about financial reports or loan applications. The predictive analysis used in Machine learning can predict potential risks from this unstructured data, and curb financial frauds to some extent.
Detecting and Preventing Banking Frauds
Today, banks and other financial organizations are paying heavily to prevent fraudulent practices. A plethora of large financial institutes are still using outdated security measures and have no systems to deal with new kinds of threats. However, machine learning algorithms are proving beneficial in this scenario. These can be used to find patterns involved in thefts and identify the hack-prone areas or loopholes in the banking systems. Besides, machine learning models are used in image processing, data mining, language processing, etc. Machine learning provides a predictive model depending on historical data for making vital business decisions using result-oriented predictions.
Complying with Ever-changing Rules and Regulations
Adherence to regulatory compliance is vital for financial firms and they spend billions to comply with them. Yet, new rules keep popping up and following all these rules every time becomes almost impossible, despite spending a lot of time, money, and effort. But, machine learning platforms can help automate this process as they can read through the pile of regulatory documents and guidelines. They can track and monitor any regulatory updates faster while minimizing risks related to non-compliance.
Robo-Advisors
Robo-advisors are digital advisors or platforms that provide algorithm-driven, automated financial planning services with very little or no human intervention. The robo-advisor collects data like age, financial status, current income, future goals, etc. from clients and uses this data to provide vital advice to them about the kind of investment they need to do based on their future goals. These robo-advisors do a predictive analysis based on current market trends and the clients’ goals and find the best-suited investment plan for them. Likewise, they offer easy account setup, account services, robust goal planning, portfolio management, comprehensive education, attentive customer service, and security features, etc. Some experts also predict that these digital advisors could completely wipe out the human advisors in near future and save huge costs for Fintech app development services.
Chat-bots
Chatbots are being used by several financial institutes and they work as full-scale robotic assistants. These chatbots respond immediately to the customers, hence the customers feel satisfied. Most of the time, the customers are not even aware whether they are interacting with a non-human assistant.
Sentiment Analysis
Sentiment analysis is yet another application of machine learning in financial services; also called news analysis. Machine learning applications are majorly dependent on data. But these applications cannot depend just on the data from stock and trade prices. So in recent times, these are evolving to gather additional data from social media trends, news trends, etc. to do sentiment analysis. The algorithms can do predictive analysis using the available data, also taking into consideration the thoughts and opinions of the users, etc.
Safety and Security of User Data
Needless to say, users’ data is the biggest concern for every financial firm. If this sensitive data leaks or gets hacked by any chance, it can not only lead to financial losses but also result in defamation in the market.
Traditionally, the users are being provided with a username and password for secure access. In case of account recovery or lost password, mobile number validation is required or some security questions are asked. But in the future, with the use of machine learning and artificial intelligence, anomaly detection apps can be developed that make use of biometric data like voice recognition, facial recognition, or retina scan. Several machine learning development companies are shifting their focus towards this area. Such measures will surely improve the data security of the users to a much better level.
Influencing Stock Markets
Stock markets are impacting the Fintech sector too. Every day, huge trading operations are being carried out and they gather tons of historical data. Machine learning algorithms take advantage of this data and identify patterns of stock market dynamics to make predictions. The traders make use of such vital data and accordingly decide the strategies. Based on these patterns, they can make trading forecasts and get benefitted in the stock market world.

Final Words:

Machine learning development services have influenced the world of financial services in myriad ways. It is playing a significant role in improving several processes like loan approval, risk management, portfolio management, financial analysis, etc. It prevents fraudulent practices and helps in stock forecasts too. Besides these benefits, machine learning developers and experts all over the world are experimenting to invent several other applications that can empower the fintech industry to serve their customers better, outsmart the competition, enhance productivity, and save costs effectively.
So this read ends here! I hope it was insightful.
Have you leveraged Machine learning app development in your business endeavors? We would like to hear about your experiences.
Do share your views with us in the comments section.