How robots are being used in music and in finance industries?

The capability of robots to perform the assigned tasks very fast and with perfection have made human beings to utilize them as tools in a wide range of industries including the music industry and the finance industry. Many industries have come forward to take advantage of machine learning and data analytics to make their processes and services faster and of better quality. Industries which were hitherto resisting the entry of robots into the industry are now welcoming the use of AI in the industry. Today AI is there everywhere and is going to totally change our lives.

Robots in music industry

In the music industry now robots are used in identifying talent, composing and promotion. The streaming services have pulled the attention of millions of music lovers the world over and they are producing billions of track streams every year. Robots are used to monitor the listening habits of the people and using the data they recommend new songs and new musicians for other music lovers who have the same tastes and preferences. AI is expected to provide analytics of better quality and the advantage of predictive technology to the music industry. Apart from the making process and listening process now robots are used to monitor how the music industry operates. There is a misconception that as a result of the wide spread use of robots in the music industry musicians and song writers will be replaced with robots.

The truth is that robots will serve the music industry as highly advanced tools to take the industry forward. Musicians who willingly accepted the robots are convinced that they are of great use in hip-hop and EDM. Those who have creativity in music will be able to come up with much better creations with the help of AI. Composers who used robots agree that the AI technology gave a boost to their creativity and now they are empowered as very efficient composers. Those who create music albums are of the opinion that robots assist them to write chords, melodies and lyrics and also to record the songs. In music creation robots are used as modern tools by human artists for speed and quality.

Robots in finance industry

Software robots are used in the finance industry to perform various repetitive tasks which were handled by human beings in the past. By using robots the finance industry can drastically reduce the operation expenses. In financial institutions robots are introduced so as to reduce staff strength and to ensure more efficient functioning. The main benefit for the finance industry by using robots is improved operational efficiency. Just as computers were introduced in the first stage of revolutionizing of finance industry, robots are introduced to carry out the second stage of revolutionizing the finance industry.

As a result of introduction of AI in the banking industry, the transactional services to customers will be provided by robots and human employees will provide them customer services like providing timely financial advices, clearing their doubts and recommending tailored financial products to meet their short-term as well as long-term requirements.

 When robots are used in financial institutions they improve operational efficiency by avoiding human errors. Robots provide a lot of value to customers. In the banking service robots are quite useful in efficient handling of basic transactions as well as paper works. Robots will authenticate the customers who need locker services and can also recommend relevant products to customers. Robots are also used to provide multilingual customer support and security and for identification of the demographics that the branches receive. The chatbots – virtual as well as physical – ensure the best customer experience.