DBS Bank and Kasisto Named Best Digital Bank by Celent
DBS Bank’s KAI-powered digibank was recognized for its comprehensive, forward-thinking deployment of conversational AI
NEW YORK — (April 24, 2018) – Kasisto, creators of KAI, the leading conversational AI platform for finance, and DBS Bank, a leading financial services group in Asia, today announced they were selected by Celent, a global research and advisory firm for the financial services industry, as Model Bank award winner for Best Digital Bank. DBS Bank was recognized for its partnership with Kasisto and its KAI platform, which resulted in the most comprehensive, forward-thinking deployment of conversational AI in the finance industry.
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 app, website and Facebook Messenger – and languages, including English and Bahasa Indonesia.
“The success of the award-winning digibank is further proof that conversational AI is the future of the finance industry,” said Zor Gorelov, CEO and co-founder of Kasisto. “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.”
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.
Said 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.”
Celent’s annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.
In addition to the award being announced today at Celent’s Innovation and Insight Day in Boston, Celent published a case study: DBS Bank: Launching an AI-Enabled Digital Bank. “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,” said Stephen Greer, Senior Analyst at Celent. 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.
Founded in 2013, Kasisto is on a mission to enable companies to attract, engage, support, and transact with their customers via human-like, intelligent conversations, anytime, anywhere. Kasisto’s conversational AI platform, KAI, powers omni-channel bots and virtual assistants with deep domain expertise across mobile apps, web, messaging platforms, wearables, and IoT devices. With contextual and personalized conversations, they fulfill requests, solve problems, and predict needs as well as help companies support and market their products and services. Built with the deepest AI portfolio in the industry, KAI is an agile platform with self-service tools to customize and continually improve consumer experiences and seamlessly add new features. Marquee customers include DBS Bank, Mastercard, Standard Chartered, TD Bank, and Wells Fargo. As an SRI International spin-off, Kasisto leverages decades of artificial intelligence research and IP to create a full-stack, scalable, enterprise-ready platform. Follow Kasisto on Twitter, LinkedIn and Facebook.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognized for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.