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RAG helps in making AI more insightful and reliable by combining retrieval with generation, so AI can move beyond simply producing text to generating knowledge-driven responses
Why is AI important in the banking sector? | The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service. |
AI Virtual Assistants in Focus: | Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences. |
What is the top challenge of using AI in banking? | Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies. |
Limits of Traditional Automation: | Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs. |
What are the benefits of AI chatbots in Banking? | AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions. |
Future Outlook of AI-enabled Virtual Assistants: | AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking. |
Large language models (LLMs) have swept the globe. Their skill in developing unique content of any kind, converting languages, and producing text that is understandable by humans is simply impressive. But there are restrictions, just like with any new technology. LLMs, despite their vast knowledge base, can struggle with tasks that require factual accuracy and keeping information up-to-date. This is where Retrieval Augmented Generation (RAG) steps in, offering a powerful approach to make AI more insightful and reliable.
Understanding the Limits of LLM Knowledge
LLMs are trained on massive amounts of text data. This data allows them to learn statistical relationships between words and sentences. They can use this knowledge to generate creative text formats, translate languages, and comprehensively answer your questions. However, LLMs have two key limitations:
These limitations can be problematic for tasks requiring factual accuracy and up-to-date information. Imagine asking an LLM about a recent scientific breakthrough. It can cause an instructive answer, but in the absence of the most recent research, the data might be false or misleading.
Must Read- Unleash the capability of Explainable Artificial Intelligence (XAI) within the power of Gen AI
Retrieval Augmented Generation (RAG) is introduced.
RAG bridges the gap between LLM capabilities and the need for factual accuracy. This framework combines the creation of text with the retrieval of information. Here's how it operates:
Benefits of RAG for AI Applications
RAG offers several advantages over traditional LLM approaches:
Conclusion: The Future of AI with Understanding
RAG represents a significant step forward in making AI more insightful and reliable. By combining retrieval with generation, AI can move beyond simply producing text to generating knowledge-driven responses. This opens doors for a variety of applications, including:
⦁ Advanced Chatbots: RAG-powered chatbots can have more meaningful conversations with users while giving them accurate and current information.
⦁ Intelligent Search Engines: By utilizing RAG, search engines can provide users with more relevant and contextually aware results when they request.
⦁ Enhanced Educational Tools: AI-powered tutoring systems can personalize learning experiences by drawing on real-world data retrieved through RAG.
As research in RAG continues, we can expect even more innovative applications that leverage the power of AI to understand and generate insightful responses. The future of AI lies not just in generating text, but in generating understanding.
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