What People Are Saying
Check out the latest news on Kasisto and the growth of conversational AI.
In a highly regulated industry built on core legacy banking systems, strategically leveraging the latest technology can be a challenge. However, the banks that adopt conversational AI will gain a competitive advantage by unlocking the ability to solve their most strategic problems. Here are five ways conversational AI engages your customers while driving business results:
Aside from conversation, AI shines in personalization and compiling data. Oren says that you can ask AI specific questions such as “how much money have I spent in restaurants in 2018?” and it can answer for you almost instantly. In addition, it can also offer to do things for you, such as setting up an alert to tell you when your restaurant spending has gone over a certain amount. For banks, and for anyone looking to manage money, AI is a useful tool for engagement and education. Oren said that consumers of KAI include financial advisors who use it to add to their productivity and accuracy.
The bank, which is hoping to unseat Citigroup as the leader in wholesale payments, started its virtual assistant project late last year after clients asked for an easier way to navigate the firm's online portal, according to Jason Tiede, innovation head for treasury services. The bank hired a New York-based startup called Kasisto to run the program's AI engine.
With a number of banking customers like Standard Chartered Bank, TD Bank and Wells Fargo under its belt, Kasisto is working on bringing conversational banking to forefront for many banks this year. And indeed, this year has already been buzzing with use cases for artificial intelligence in chatbots as way to provide customer service, conduct transactions, and even help with customer acquisition. This doesn’t surprise Gorelov, who began creating Kasisto’s chatbot KAI in 2013, first under SRI International and then as a standalone company. (The name KAI is deliberately gender-neutral.)
When banks license a finance industry-specific platform, they invest in the AI expertise of outside companies. Many of these purchasable platforms come with built-in banking knowledge and often have well-defined, documented integration points into the bank’s financial data. Often secure and scalable, they’re built to meet regulatory requirements related to privacy and security.
Conversational banking has been a hot topic in the space since early 2017, and that trend doesn’t seem to be going anywhere in 2018. At the center of this phenomenon is artificial intelligence company Kasisto and its co-founder and CEO, Zor Gorelov.
In this intriguing interview, Dror Oren takes us through the history of chatbots, the technology we have now and where the AI infusion may take us. Dror Oren, Co-Founder and CPO at Kasisto, along with his team, have tasked themselves with providing banks and other financial institutions with a way to create virtual systems that will ultimately improve the customer service experience through intelligent conversation.
A Financial Times survey of 30 leading banks’ use of AI revealed an industry excited about the prospects of a technology that can help cut costs and boost returns...Laura Noonan talks to Kasisto CEO and Co-Founder, Zor Gorelov...
“Banks in North America are more aware of the regulatory environment we find ourselves in today, but realize the benefits of AI-powered consumer-facing applications and are compelled to move forward with technology to better serve their customer base,” says Zor Gorelov, CEO and co-founder of Kasisto, a startup in New York that is working with global banks like Standard Chartered and TD Bank.