Conversational AI and Generative AI represent two distinct branches of artificial intelligence that serve different functions in various industries. While Conversational AI focuses on enhancing customer interactions through chatbots and virtual assistants, Generative AI specializes in creating new content and solutions, driving innovation in fields like banking and insurance.
Let’s have a more detailed look at it…
Improving customer interactions with conversational AI
Conversational AI focuses on automating and enhancing real-time interactions between businesses and customers through tools like chatbots, virtual assistants, and voice bots.
It uses Natural Language Processing (NLP) and machine learning to understand user queries, manage dialogues, and provide relevant responses.
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In banking, conversational AI enables chatbots to handle routine inquiries such as balance checks, transaction histories, and fraud alerts, freeing up human agents for more complex tasks.
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In the insurance industry, conversational AI virtual agents assist customers by providing policy information, helping with claims processing, and offering personalized recommendations.
By reducing response times and ensuring 24/7 availability, Conversational AI improves customer service efficiency and overall user experience.
Generating content and solutions with Generative AI
Generative AI focuses on creating new content, such as text, images, or data models, by using deep learning algorithms trained on large datasets. This technology goes beyond predefined responses, allowing it to generate unique outputs based on patterns it has learned.
By enabling the creation of innovative solutions and improving data-driven decision-making, Generative AI helps businesses stay competitive and adapt quickly to changing market demands.
For instance, at boost, we’re using Generative AI to enhance our conversational AI platform by providing more natural and contextually relevant responses in customer interactions :
By integrating large language models (LLMs) we improve the flexibility and adaptability of virtual agents, allowing them to handle a wider range of queries and generate more personalized, human-like conversations. This integration helps businesses to offer more sophisticated customer service solutions that can dynamically generate responses, provide detailed explanations, and engage users in more meaningful ways.
Conversational AI and Generative AI serve distinct yet complementary roles in enhancing customer service and creating innovative solutions across more and more industries. By leveraging both technologies, businesses can optimize customer interactions and generate valuable insights, staying competitive in a rapidly evolving digital landscape.
If you want to read more about it, just download our latest guide about it (it’s free and subscription free) :
