Most people who hear about artificial intelligence (AI) conjure up an image of a robot acting and thinking on its own. However, it’s far more than that. Businesses use AI systems to identify human behavior patterns and tailor marketing messages. Health care professionals also use them to provide diagnoses and monitor trends. And now, AI is being used for financial security. Risk Management Many are concerned about the risk of someone hacking into their bank accounts and cleaning them out. While that can happen at any moment, individuals often have a number of safeguards in place to protect their finances and mitigate this risk. The same is true for businesses, such as banks, credit card companies, or online retailers, though the risks are often far higher for these companies than they are for individuals. How does AI help? It works with data faster and more accurately than a human ever could. By using AI to monitor financial transactions, a company can keep track of the real-time activity of its customers and verify its authenticity. For example, someone who makes a large withdrawal from their bank account might get an AI-generated call, text, or email seconds afterward to verify the transaction. 2 Surprising Ways Artificial Intelligence Protects Your Money and Future
Fraud Detection AI can also predict and flag unusual activity associated with fraud. By combining two of its processes — data management and pattern identification — AI can pinpoint oddities within a person’s finances. For example, if a card is used for a purchase in America, then used a few hours later for a purchase in another country across the world, AI can detect this suspicious activity almost immediately and send an alert to the cardholder. Additionally, AI is created to learn , which means that over time, it will become more attuned to what is or is not fraudulent activity. Artificial Intelligence is a powerful and beneficial tool for business owners and individuals alike. Read more about what AI is doing in the financial world at MarutiTech.com/ways-ai-transforming-finance .
YOU NEVER KNOW HOW THEY’LL INFLUENCE YOU The People We Meet Along the Way
By definition, none of us would be where we are without our past experiences. All the people we’ve met, and all the different jobs we’ve had, contribute to who and what we are today. I’m successful at helping business owners prepare to sell their businesses because I’ve owned 40 different businesses of my own and sold hundreds of them in the past. I was able to manage over 700 hundred employees in one of those business ventures because I had been an employee myself. When I try to call to mind all the people who have helped me get where I am, well, I wouldn’t even know where to start. So many people have influenced who I am today as a person and a businessman. Since I was in the entertainment business for many years, I had the opportunity to meet a lot of celebrities, movie stars, and billionaires of the business world. You would think all
these wealthy people would be standoffish and arrogant, but I found just the opposite to be true. One of the nicest, friendliest people I’ve ever met is Helen Walton, wife of Sam Walton and founder of Walmart. I met her during the grand opening of the Walmart Supercenter in Claremore, Oklahoma, where Helen was from and where she married Sam. She and her brothers were there for the ribbon cutting, which happened to be in front of my video store inside the Walmart Supercenter. After the ribbon cutting, I walked up to her and started talking to her. She was very approachable and didn’t have any sort of security detail, which I found pretty remarkable considering her billionaire status. I introduced myself and we talked for a while. When she asked if she could give me some business advice, I told her she absolutely could.
Helen told me that the best thing you can do for your business is to have a greeter and to take care of your associates. I took that advice, and because of it, I grew my video rental business to 150 locations in the U.S. and Canada. We also became the sole provider of video rentals to Walmart. It just goes to show that you never know how the connections you make will influence your life!
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