What People Are Saying
Check out the latest news on Kasisto and the growth of conversational AI.
A few start-ups have already found success — and attracted attention from the banks — by creating chatbots that do particular financial tasks.
Early next year, MasterCard is launching its own banking bot, in partnership with the artificial intelligence company Kasisto, that will allow users to interact with a chatting robot via Facebook messenger.
Ben Fox Rubin
"As this develops, we plan to add a lot of other functionality," said Sherri Haymond, Mastercard's executive vice president of digital partnerships. "It seems like a very natural next step and we are leaning in here."
Mastercard customers in the United States can now use an A.I.-powered bot to ask more than 1,000 questions about personal finances and other subjects. Mastercard KAI will be rolled out to U.S. Mastercard credit card and banking customers in early 2017. The bot is made by Kasisto, a spinoff of Siri creator SRI International.
"We are seeing consumer preferences shifting and we want to make sure that we stay relevant," said Kiki Del Valle, Mastercard SVP of commerce for every device. The bot — which launches first in the U.S. next year — is nicknamed "Mastercard KAI." The company announced the new bot on Tuesday during the Money 20/20 conference in Las Vegas.
Michael J. Coren
Before launching Kai, the company’s founder Dror Oren wanted to ensure the bot represented the company’s values by defying gender expectations. The research suggests “people would rather get advice from women,” says Dror. “We decided it was our place to take a stand, or educate if you will. Just because people are used to getting advice from a female secretary, it doesn’t mean we have to do the same.”
MasterCard account holders will soon be able to check on their accounts, track their spending, review past purchases and more right in Facebook Messenger. That’s right – MasterCard is the latest company to embrace Facebook’s chatbot platform as a new means of interacting with its customers in an automated, but A.I.-enhanced way.
The 20 startups selected for this year's FinTech Forward Companies to Watch are helping banks replicate, and in some cases enhance, the close bonds they often share with their customers in person through digital channels. The companies are redefining personal banking and personal security. They're using artificial intelligence to offer virtual assistance.