AI in Decison Making in Different Fields

Finance (Valerie Annabella and Yap Huey Shin)

Finance Issues

In contemporary finance, effective risk management remains a primary challenge. Traditional methods relying on historical data and subjective judgment struggle to adapt to the rapidly evolving market landscape and emerging risks. Financial institutions must navigate market, credit, and operational risks adeptly to ensure operational stability and longevity.

Transaction execution and optimization present another significant hurdle. Outdated trade execution techniques often result in delays and inaccuracies, elevating trading costs and diminishing efficiency. In the face of the financial market's complexity and speed, institutions must make swift decisions and execute trades promptly to secure optimal prices and outcomes.

Moreover, conventional fraud detection approaches relying on rule-based and pattern-matching systems fall short in identifying and preventing novel fraud schemes promptly. Timely intervention is crucial to preempt and counteract fraudulent activities, safeguarding the integrity and resilience of the financial system.

Furthermore, traditional financial services frequently lack granularity, failing to tailor offerings to individual client needs. Given the diverse financial objectives, risk appetites, and preferences of clients, providing personalized financial services and investment guidance is imperative. The financial sector is thus challenged to leverage technology effectively to deliver tailored and precise financial services that align with the distinct requirements and aspirations of diverse clientele.

Finance Solution
Artificial intelligence (AI) offers promising solutions to various challenges in the financial sector. Firstly, AI can enhance risk management by accurately predicting market volatility through analysis of financial data and operational details, leveraging its computational efficiency to outperform human capabilities.

Secondly, AI aids in trade transaction execution and optimization and it also helps in providing the users with a more personalized and precise experience by recording transaction details and utilizing algorithms to provide personalized recommendations for buying or selling stocks, catering to individual user needs effectively.

Furthermore, AI contributes to fraud detection by analyzing user transaction history and behavior to flag abnormal activities, allowing for efficient resource allocation in investigating potential fraud cases.

In conclusion, AI's ability to process vast amounts of data and make informed decisions using sophisticated algorithms makes it a valuable tool for addressing issues in finance. Its integration enables collaboration between AI and human decision-makers to enhance risk management, trade execution, and fraud detection processes.

Healthcare (Yap Huey Shin and Lim Jun Na)

Healthcare Issues
The problem that I planned to solve with AI was a healthcare system problem. The first healthcare system problem that AI can help to solve was diagnostic errors such as no-fault errors, system-related errors, and cognitive errors. These errors may be caused by subtle biases in clinician’s though processes and it will lead to patient harm and healthcare costs.

Furthermore, patient monitoring and management is one of the healthcare system problems. Patient monitoring includes systematic collection, analysis, and use of service delivery data to support strategic decisions for patient management. Managing chronic illness and monitoring patients’ health remotely are difficult and challenging.

Besides that, drug discovery and development also one of the healthcare system problems which can be solved by AI. The process of developing and identifying new medications or drugs is time demanding and costly. A new drug’s development can take 12 to 15 years and cost more than $1 billion.

Lastly, fraudulent activities such as billing for services have not been properly documented or filing fake insurance claims are major issues in healthcare. By addressing these healthcare system problems, AI has the potential to improve patient care, lower costs and improve overall healthcare outcomes.

Healthcare Solution
Artificial intelligence (AI) is on the rise in various sectors, including healthcare. These technologies have the potential to revolutionize numerous facets of patient care. AI can help reduce diagnostic errors by helping doctors in analyze medical imaging like X-rays, CT scans and clinical data enabling doctors to make more informed treatment decisions and diagnoses.

Furthermore, the deployment of AI-powered remote patient monitoring systems allows doctors to monitor patients' health from a distance. These devices offer real-time information on patients' vital signs and symptoms, as well as tailored care to meet each patient's particular requirements. 

Moreover, The process of discovering and developing new drugs is time-consuming and expensive. AI can accelerate this process by analyzing vast amount of biological data to identify potential drug targets.

Lastly, AI should be a part of a multi-layered fraud detection approach strategy. This approach enables fraud detection systems to analyse vast amounts of data in real time and identify unusual patterns of behaviour that are indicative of fraudulent activity. Healthcare systems may improve patient care and eventually make healthcare more affordable and effective for everyone by utilising AI in various ways.

Education  (Michelle Wong Hei Hui and Chong Jess Wynn)

Education Problems

1. Traditional classrooms often challenging to accommodate each student's individual learning needs and paces due to large class sizes. However, modernized learning environments offer greater opportunities for personalized instruction.

2. Teachers often face challenges in managing the diverse needs of students while also fulfilling administrative tasks.

3. Students and instructors may encounter difficulties in accessing relevant information or clarifying concepts outside of the classroom.  

4. Students may struggle with essays, including grammar and vocabulary usage.

Education Solution 

With the emergence of technology and rapid integration of AI, it could greatly transform the education system and address challenges effectively.

AI could assist students in identifying and improving their weakness by generating personalized schedules and study plans according to their level of knowledge and pace of learning. This could be achieved through machine learning, wherein data is collected from students’ results for each test and the time taken to answer each question which later provides feedback to enhance their learning experience. The next test given would then be progressively readjusted based on their previous performance and result achieved to ensure that they can keep up with the studies. At the same time, teacher’s productivity is increase with their workload reduced, allowing them to easily take note of students that requires more guidance compared to other students when teaching.

Additionally, integrating AI-powered chatbots can assist both instructors and students in providing better understanding and information for their research. Chatbot saves time with instant replies, giving appropriate answers for any question or query given. This can be done as the chatbot utilize through database of information, deep learning, machine learning and NLP to recognize patterns in conversation. Moreover, quality of reports and articles can be enhanced with chatbot by identifying any grammar mistakes and recommending better choices of words, thereby improving overall quality of written work.