POSB digibank launches in Singapore
DBS, Singapore’s largest bank and one of the leading banks in Asia is a great partner of Kasisto and at the forefront of innovation. DBS gives their customers a seamless and natural banking experience across channels so it’s no wonder EuroMoney named them the best digital bank in 2016.
Our partnership with DBS started with the launch of digibank, powering the virtual assistant in India’s first mobile-only bank. Very quickly, DBS leveraged our platform’s omni-channel capabilities to expand the KAI-powered assistant to the web and announced their plans to launch KAI-powered bots on Facebook Messenger. Now, they are taking digibank to Singapore, making DBS the first financial institution in the country to enable consumers to bank conversationally on social media platforms.
Today, DBS announced POSB digibank virtual assistant in Singapore. A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over 4 million customers. The bank also has the largest number of online banking and mobile banking customers in the nation. Now, these customers can bank on Facebook Messenger – all part of DBS’s mission to make day-to-day banking simpler, smarter and faster for its customers.
The POSB digibank Virtual Assistant is being launched in phases and in this first phase the assistant is focused on answering banking inquiries. It’s been trained to converse about 650 questions and 700 banking definitions to respond immediately about the bank’s products and services. Since the soft launch on January 13, all customer inquiries with the KAI-powered assistant on Facebook Messenger were answered promptly without being re-routed to the bank’s customer center. For customers, this means no more calls, no more waiting – just text a question in a natural, conversational way and get an immediate answer in the same human-like conversational manner.
This is just the beginning in Singapore and in the coming months the KAI-powered virtual assistant will help customers do more banking via intelligent conversations on messaging platforms. Soon, the assistant will help customers check balances, get insights about transactions and spending, make fund transfers and credit card payments, and much more.
We’re excited about the pace in which DBS is creating lifestyle banking – rapidly expanding channels as well as geographies. And, we’re absolutely enthusiastic about the high marks Piyush Gupta, DBS CEO, gave us in a recent interview:
“I’m extremely positive on AI. We’re using different parts of that with what we’re doing with digibank,” says Piyush Gupta, CEO of DBS. Clearly, he, as well as the half a million users of digibank in India, are impressed with Kasisto. “The machine’s ability to handle a whole range of questions and to answer questions based on natural language, is very good.”
DBS has found Kasisto, the chatbot in digibank, to be performing exactly what it is supposed to do. It is answering all the questions asked of it. “It is taking care of 95% to 96% of all our queries, and handled without human interference,” Gupta says.
When asked if DBS is extending its collaboration with Watson, Gupta says, “We’re still not sure because we’re expanding our Kasisto chat bot. We find that extremely efficient.”
We’re working hard to keep delighting DBS and their digibank customers in India and Singapore.