Useful Applications of Generative AI

With sites like ChatGPT growing in popularity, it’s no surprise that conversations about generative artificial intelligence (AI) are becoming increasingly common. 

Although the technology was first introduced in the 1960s, it wasn’t until 2014 that the introduction of generative adversarial networks (GANs), a type of machine learning algorithms, showed the true promise of generative AI. What is generative AI, and what are some useful generative AI applications to know?

An Overview of Generative AI

Generative AI is a type of AI technology capable of creating various types of content, such as original texts, videos and sounds, for the user. 

As mentioned above, one of the most well-known types of generative AI is ChatGPT, the revolutionary AI chatbot that can analyze any type of prompt and provide mostly accurate responses. 

Recent breakthroughs in the field of generative AI are transforming the way people work, live and learn. Already, companies across industries perceive generative AI as a useful tool to supplement their work. 

Some fear that generative AI will remove jobs in the creative industries, such as content creation or marketing, but it’s unlikely that it will be advanced enough to completely replace human employees.

5 Useful Generative AI Applications Across Industries

Generative AI can be used across industries in numerous ways. Here are just five examples of generative AI use cases and some of the risks and benefits associated with them.

1. Drug Discovery in Health Care

In the health care and medical fields, drug discovery plays a major role in treating illnesses and supporting treatment programs. With generative AI, researchers can find new drugs and test their efficacy in much less time than it used to take. 

For example, Absci Corporation recently announced it used generative AI to create new antibodies, essentially designing new proteins from scratch, or “de novo.” Drug discovery and innovations in health care can help the general public and advance the modern health care system.

2. Personalized Lessons in Education

Another helpful application of generative AI is personalization in education. Teachers can leverage generative AI programs to create novel lesson plans suited to all types of students and their unique learning styles.

These lesson plans are created with past student performance in mind, allowing students to benefit from individualized lessons. This could be especially useful for students who have intellectual, physical or learning disabilities. 

3. Will Writing in Estate Planning

A key characteristic of generative AI is its ability to generate original text. There are plenty of text-based applications that could benefit from generative AI-based programs, including will or trust writing. 

For example, estate planning plays an important role in people’s lives as they grow older, and writing a will is a critical aspect of estate planning. Those looking to write their own will, for example, can rely on generative AI to help. 

4. Fraud Detection in Banking

Generative AI has plenty of applications in the banking and financial services industry. The industry is well-known for being on the cutting edge of innovation, so it’s no surprise that more banks will invest in generative AI-powered solutions like ChatGPT. 

Generative AI can help banks detect and prevent cases of fraud by analyzing massive amounts of consumer data. After analyzing data, generative AI can identify suspicious patterns or anomalies, which helps banks protect consumer assets and reduce losses due to fraud. 

5. Advertising and Marketing in Media

Two sectors that could hugely benefit from generative AI are the marketing and advertising industries. For example, generative AI can help marketers come up with new marketing campaign ideas. Advertisers can use AI as a starting point when writing online product descriptions or email marketing campaigns, too. 

All marketers and advertisers know that selling products using compelling and engaging content can be challenging, but tools like ChatGPT can make it much easier. While these tools may not be advanced enough to replace traditional professionals in marketing or advertising, they can help with the brainstorming process. 

6. Chatbots in All Industries

Digital assistants and virtual chatbots are a hot topic across pretty much every industry, ranging from retail to health care. Most websites nowadays launch chatbots right at the start of the user’s journey to answer questions, direct users to the right webpage or initiate a customer service request. 

Modern chatbots, including ChatGPT, are starting to amaze users with their humanlike abilities. These bots can generate text and engage in human-like conversations, which can help with things like customer service in retail and waiting rooms in health care. The chatbot market is expected to grow in the coming years as more businesses launch chatbots on their homepages.

The Future of Generative AI Solutions

Since generative AI is still in its infancy, there’s plenty of time for it to evolve and gain more capabilities than ever, allowing businesses to become more efficient and successful. More tools like OpenAI’s ChatGPT and Google’s Bard will likely come out in the near future, especially considering how popular they already are. It’ll be interesting to monitor the generative AI landscape in the coming years and see what new applications emerge.