What People Are Saying
Check out the latest news on Kasisto and the growth of conversational AI.
According to Kasisto Chief Product Officer and Co-Founder Dror Oren, financial illiteracy is at an all-time high, making it more important than ever for banks to reach customers wherever they happen to be, using language that’s easy to understand. Oren believes it’s not enough anymore for banking bots to answer basic questions or perform basic tasks. Modern virtual assistants, he said, need to be multi-skilled, offering contextual and actionable insights with educational value.
Byline Dror Oren, Chief Product Officer, Kasisto
There is no reason for traditional retail banks to be left out of helping Millennials improve their financial well-being. In fact, there has never been a better time to evolve from helping them move their money to helping them manage their money.
Anytime there is category creation, there is confusion. I think conversation as a user interface powered by AI-driven virtual assistants is an entirely new category. What worries me is the noise and often-times misleading claims surrounding the “AI for everything and anything” products that confuse our customers and set unrealistic expectations.
Kasisto’s banking bot Kai gives financial companies such as Mastercard a way to handle about 80% of online customer conversations without involving humans. Oren believes gendered bots are giving way to “robot-specific” identities without such clear gender lines. “It never pretends to be a human, and the lines are never blurry,” he says. Kasisto says it’s found its bots are most effective at answering requests and positive customer interactions when their personalities stick to their nature as an artificial intelligence, rather than mimicking human conventions.
Dror Oren, co-founder and CPO of Kasisto, said: “The world is always changing, but today we’re experiencing some very significant shifts in consumer experiences and expectations, shifts in consumer loyalty and affinity. AI has an important role in meeting these challenges. We see a future where conversational AI is just how you get things done. It will be second nature for consumers to interact naturally and intuitively with companies via intelligent conversations.”
KAI answers 82 percent of inquiries and requests with no human intervention at all and relays the remaining 18 percent to live agents. For instance, even though a chat on Facebook Messenger is secure, it may not be the best place to talk about suspected fraud activity in an account. KAI knows when and how to hand off conversations to human agents.
"While several U.S. banks are developing or piloting virtual assistants based on artificial intelligence, Singapore’s largest bank has been using an AI-powered chatbot to run its digital-only bank in India for about a year..." The results so far are impressive: Eighty-two percent of all customer support for digibank by DBS is handled through the bot, helping the company run the unit at about a fifth of the cost of running a traditional bank.
"An omnichannel view of financial services, being able to begin an interaction from one platform and easily move another, should be an important part of a customer’s flexibility to interact with their financial institution the way they choose. This is core of what Zor Gorelov, CEO and co-founder of Kasisto, calls “lifestyle banking.”
Singaporean bank DBS had the vision to launch digibank, India’s first mobile-only bank. Being paperless and branchless, digibank had to rely on emerging technologies like conversational AI to succeed and proactively reached out to Kasisto. “Piyush Gupta, CEO of DBS, is a visionary of lifestyle banking,” Oren beams. “He built digibank with one-fifth of the cost of a regular retail bank.” Since adopting Kasisto technology and launching in mid-2016, digibank is able to contain 82% of customer inquiries with bots.