Financial institutions and service providers are keen to get the most out of AI. The urgency is palpable – the industry needs to adopt new technologies quickly enough to keep pace with the rapid advancements but also demonstrate a clear return on investment. This creates a delicate balancing act.
The answer lies in a two-pronged approach: targeted process improvements and responsible integration of generative AI.
Financial institutions should start by identifying specific, high-volume tasks that can be automated with existing AI solutions. Then, there is generative AI. With its ability to generate human-like text and code, it holds potential for the financial sector. As an example, look at AI-powered chatbots that provide personalized financial advice or intelligent risk assessment tools for learning and adapting in real time. However, generative AI is still in its nascent stages and comes with limitations. "Hallucination," where AI generates fabricated information, can lead to serious consequences.
Financial institutions must be responsible stewards of generative AI. But honestly, this can be said about all businesses, especially at a time when only a quarter of businesses feel fully prepared to manage the risks associated with generative AI, according to a Deloitte report. Addressing the limitations of generative AI, especially with their contact centers, is a must in order to realize business potential.
Enter boost.ai, which recently announced Generative Action, a suite of features that help businesses utilize generative AI in customer service while mitigating risks. Building upon last year's LLM integration, Generative Action allows companies to deploy AI-powered virtual agents with robust safeguards to create a smooth operation in customer-facing and highly regulated environments.
Some key features include granular control, a centralized knowledge hub, hallucination mitigation, enhanced conversations and seamless action management.
Granular control lets companies leverage pre-built or custom guardrails to allow for global reuse within the platform and topic-specific risk management. The centralized knowledge hub ensures VAs access approved information sources. This minimizes time to deployment and preserves industry-specific knowledge across various formats.
With hallucination mitigation, oversight of knowledge management safeguards against AI fabrications while maintaining human-like, context-rich conversations. API hooks integrate external data and information to enrich customer interactions, and action hooks trigger pre-defined workflows for sensitive actions to expand VA capabilities without compromising control.
This innovative approach goes beyond traditional CAI by offering a "generative-first" strategy. By combining the safety of established conversational AI with the limitless potential of generative technology, boost.ai allows organizations to automate 80%-90% of customer inquiries while enhancing overall satisfaction.
"Generative Action signifies a major step forward for our platform, strengthening ways our customers manage GenAI and LLMs without limiting their promise," said Rasmus Hauch, chief technology officer of boost.ai. "These features provide a more seamless end-user experience, faster setup and fortify what we can deliver through generative and controlled responses, while also retaining the visibility and control our customers need to ensure minimal risk."
Generative Action will be widely available April 30.
Edited by
Greg Tavarez
