Yesterday, Celent, a global research and advisory firm for the financial services industry, announced that DBS digibank won their prestigious Model Bank award for Best Digital Bank. DBS Bank was recognized for its partnership with Kasisto and our KAI platform, which resulted in the most comprehensive, forward-thinking deployment of conversational AI in the finance industry.
The success of the award-winning digibank is further proof that conversational AI is the future of the finance industry. DBS Bank is an industry leader in AI-driven banking, and it shares our mission of helping customers manage their assets, track expenses, analyze spending, and improve overall financial literacy and financial well-being. We are proud of what we’ve accomplished with DBS Bank and are thrilled to be recognized by Celent.
DBS Bank utilized the KAI virtual assistant to launch digibank, its innovative new mobile-only bank, in India and Indonesia. A foundational element of the bank is the conversational AI-enabled virtual assistant from Kasisto, allowing users to answer thousands of different inquiries. DBS views the KAI platform as their “AI brain” and extended the customer experience across geographies, channels – including mobile apps, websites and Facebook Messenger – and languages, including English and Bahasa Indonesia.
With digibank, DBS Bank has been able to continually differentiate itself from its competition, and create entirely new banking experiences customized for channels and markets. Since launching, more than 1.8 million customers have joined digibank India. The KAI-powered assistant is the first touchpoint for most customers, which handles about 80 percent of customer inquiries and requests.
In the words of DBS CEO Piyush Gupta, “A few years ago, we would not have imagined that it would be possible to launch an entire bank in a mobile phone. With digibank, we built a bank that pulls together the power of biometrics, natural language, artificial intelligence and built-in security in one offering. Digibank runs on a fifth of the resources of a traditional bank, with Kasisto’s KAI virtual assistant handling the vast majority of customer inquiries. We believe this mobile-only bank represents the future of banking, and are delighted that our partnership with Kasisto has garnered us the Best Digital Bank award by Celent.”
In addition to the award being announced yesterday, Stephen Greer, Senior Analyst at Celent published a case study: DBS Bank: Launching an AI-Enabled Digital Bank. This case study covers the broad digital transformation at DBS, the strategy behind launching a mobile-only bank as well as details about the KAI virtual assistant, which is a groundbreaking feature of digibank.
Stephen Greer shared this with us: “Celent is impressed with the competence of KAI Banking compared to other applications of conversational intelligence. We feel digibank with KAI Banking is a model for what good looks like in implementing an intelligent virtual assistant in financial services.”
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