What People Are Saying
Check out the latest news on Kasisto and the growth of conversational AI.
"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.
“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.