What People Are Saying
Check out the latest news on Kasisto and the growth of conversational AI.
“High IQ bots are the ones that have deep knowledge [of] the company and its business … they also understand consumers and use that knowledge to answer questions and engage consumers in a way that actually helps them get something done conversationally and contextually.”
"...banks recognize the power of AI-driven bots to create contextual, predictive and personalized experiences. The obvious are banking bots that can answer customer questions and reduce call center volumes, but that’s just the tip of the iceberg..."
Kasisto's clients are in the financial industry and "we have definitely seen an increase in the demand for chatbots, evidenced by our customers and healthy pipeline," Oren says. "Consumers' demands for better banking experiences are driving banks to adopt chatbots as a way to engage, transact with and support their customers as well as attract new customers."
Wells Fargo currently works with promising AI startup Kasisto to enhance customer experiences via a conversational AI service. Head of Innovation Group Steve Ellis sees virtual assistants helping in three key areas: information updates, transaction capabilities, and customer insights. "We see a big future here," he says, "and that’s why we recently formed our new Artificial Intelligence Enterprise Solutions team within the Innovation Group."
Kasisto wants to make proactivity the norm when it comes to banking. The conversational AI company today announced KAI Insights, a data-driven service that will be integrated into its KAI for Banking platform, during the Bank Innovation 2017 event taking place in San Jose, Calif.
The startup is coming off a good year, in which it signed up Mastercard, the Development Bank of Singapore, the Royal Bank of Canada and Wells Fargo. Kasisto is part of the Wells Fargo Startup Accelerator program, which contributed to its seed round. RBC has been piloting Kasisto's chatbot, Kai, to its customers and Mastercard launched a pilot for Mastercard Kai, a bot for banks.
Oren believes customers will want to do more than that. Finding the nearest ATM or branch (which some virtual assistants such as Siri can already do) “is not the most useful use” of chatbots, Oren says. “You can get the same experience by using Google Maps. People want to get information that requires more of a conversation.”
“Ultimately we’ll get to the generalist approach,” he explains, the AI platform, the virtual assistant that can do it all. For now, “given the current state of technology and capabilities of the systems, I think focusing on specific domains is inevitable, in order to deliver a valuable, actionable experience to the consumer.” In time, “Siri will know which Apple to buy for you,” Gorelov continues. “But right now, I think domain-specific AI is the way to go.”
Now, a new banking app named Val has been introduced to the world. The bot is brought by Kasisto, a company focused on transforming consumer banking through artificial intelligence (AI), and mobile banking startup Varo Money. The partnership announced that it intends to power Val through Varo’s mobile app.