Question 1

What is Conversational AI?

Accepted Answer

Conversational AI is a technology that enables machines to converse with humans in natural, human-like language. With this technology, chatbots, virtual assistants, voice bots, etc., can understand and process human language inputs and respond smoothly to them and with the correct context.

With conversational AI, businesses can create user-friendly chatbots and voice assistants that allow customers to interact with the brand in natural language, in real-time. Businesses can not just connect with customers in relevant and meaningful ways, but also learn from these interactions.

Question 2

What is FAQ automation?

Accepted Answer

FAQ Automation is a process where the AI engine generates bite-sized questions and answers using minimal inputs. It consumes collaterals such as policy pages, websites, help pages, product descriptions and manuals.

Question 3

What is the difference between Chatbots and Conversational AI?

Accepted Answer

Conversational AI-based digital assistants are different from rule-based and scripted chatbots in the sense that a traditional chatbot has pre-coded responses to anticipated consumer queries, whereas digital assistants driven by conversational AI techniques can decipher a consumer's true intent even if the query is not phrased properly. It can maintain a conversation with a level of understanding similar to human agents.

Question 4

How is domain specific AI different from generic AI?

Accepted Answer

Domain-specific AI goes deep into the conversational aspects of a particular industry. For example, there are industry-level terminologies such as 'Rate of interest' in banking or '7 days return policy', and 'size issues' etc. in retail. AI needs to understand these aspects to provide a human-like experience to users.

Question 5

Why should I care for domain specific Conversational AI?

Accepted Answer

Let's say you are hiring for a relationship manager role and have two candidates. One candidate has a lot of experience but is not from your industry. But, the other candidate has both experience and comes from the same industry you operate in. Whom will you hire?

In the same way, domain-trained AI understands the context better and can have more meaningful conversations. Pre-built journeys cater to specific use cases of a particular industry, e.g., KYC in banking, Credit score check in Fintech, and Size-finder in apparel retail. With domain-specific AI, the time-to-value reduces significantly to the extent of 8-10 X compared to generic AI.

Question 6

What is the difference between intent accuracy and AI accuracy?

Accepted Answer

Intent accuracy is the ability of a chatbot to correctly predict the purpose of a user who is interacting with it. In percentage terms, intent accuracy is how many times intent was correctly detected out of 100 messages.

AI accuracy, on the other hand, is the ability to provide the right response or perform the desired action on behalf of the user. AI accuracy is a more robust metric because it considers not just the intent but also the ability to handle context switches and respond accurately, making it a harder metric.

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