In recent years, chatbots and conversational AI have become increasingly popular technologies used by businesses across various industries. While these terms are often used interchangeably, they are not the same thing. Chatbots are computer programs designed to simulate conversation with human users, while conversational AI systems use advanced natural language processing and machine learning techniques to understand and respond to natural language input in a more human-like way.
Chatbots are rule-based programs designed to respond to specific user inputs. They can answer simple questions, provide pre-defined responses and perform basic tasks, such as booking a hotel or ordering a pizza. Conversational AI, on the other hand, utilizes advanced natural language processing techniques to understand and respond to more complex, natural language inputs. It can hold more fluid, open-ended conversations and can learn and adapt over time to provide more personalized responses.
One key difference between chatbots and conversational AI systems is their level of sophistication. Chatbots are typically rule-based and are limited in their ability to understand the context and natural language, while conversational AI systems use machine learning to improve over time and can handle more complex tasks and inquiries.
In the banking and finance sectors, conversational AI systems are often preferred for their ability to provide personalized experiences, such as offering investment advice or personalized loan recommendations. Chatbots, on the other hand, may be more suitable for handling routine tasks such as account inquiries or balance transfers.
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