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    Kasisto Serves Up Financial Expertise with its KAI Platform

    icon-user Laura Pourinski icon-comments Comments July 31, 2020

    The next time you need to see how much you spent on coffee in the past month, or are wondering how much you have left in your bank account, all you have to do is ask. That’s because artificial intelligence is playing a bigger role in the financial services industry and is helping financial institutions and their customers spend less, save more and dramatically improve their financial lives.


    One of the companies leading the way is Kasisto. Dror Oren, Chief Product Officer and Co-Founder of Kasisto, spoke to RewardExpert about Kasisto’s KAI platform, and how it is changing the banking industry.

    Image via kasisto.com
    Image via kasisto.com

    What is KAI?

    KAI is a conversational AI platform with deep financial knowledge, pre-loaded with millions of banking sentences and thousands of banking intents. KAI powers omni-channel bots and virtual assistants that can speak the language of a particular business.

    “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,” said Oren. He highlights various ways KAI conversations can help in consumer banking:

    • KAI makes banking more personal by allowing users to ask questions like, ‘How much did I spend on Uber last year?’
    • KAI improves a bank’s customer service, providing 24/7 customer support. It can even field questions like, ‘I lost my card, what do I do?’
    • KAI can help a bank generate more revenue by allowing it to acquire new customers and increase sales traffic with proactive contextual offers.
    • KAI can help improve money management by allowing for the easy transfer of money.
    • KAI can improve lives financially. KAI makes it easier to set budgets and manage money by allow users to ask questions like, ‘How am I doing on my savings goals?’

    Cross-Platform Capability

    KAI’s expertise can be used across platforms, including mobile, web, messaging platforms, wearables, Internet of things devices and more. On mobile, KAI allows a user to get into a bank’s mobile app with just a text box to start a conversation.

    As Oren puts it, it’s like having a personal banker available 24/7 to answer your questions, which can include everything from a review of purchase history to monitoring spending levels to specialized questions.

    “KAI can also distinguish not only things such as which bank branches are nearby, but which ones have a notary or Spanish speaking staff, or are wheelchair accessible, or suited for consumers’ specific banking needs,” stated Oren.

    Crunch Data to Improve Finances

    In addition, KAI can help banks analyze customer data based on all the financial data points that banks collect. “Turning this raw data into actionable and relevant recommendations is the difference between helping someone move their money and pay their rent from checking to managing their money and saving for a house,” said Oren.

    He points out that KAI’s technology can detect patterns in spending. That analysis allows for personalized and contextualized recommendations delivered straight to the customer.

    “Recommendations can be triggered by account activity, such as a large deposit that hits their checking account, and leads to a recommendation that some portion is moved to saving, or a customer-defined goal, such as eating out less this month means more money to reach their savings goal,” stated Oren.

    Image via kasisto.com
    Image via kasisto.com

    Who’s Using KAI

    If KAI sounds like it’s shaking up banking, it’s probably because more and more of the world’s top financial institutions are employing Kasisto’s flagship product. “Our target customers are innovative financial institutions looking to enhance their customer experience through conversation,” said Oren.

    Kasisto’s cu

    stomers include Wells Fargo, MasterCard, Standard Chartered and TD Bank. “Financial institutions can offer entirely new and differentiated experiences to their consumers, designed with the most intuitive user interface: natural human language.”

    The Future of KAI

    Kasisto itself is growing. The company just completed a Series B funding round and plans to use the money to scale the business and improve its platform. Oren said, “The funding will also be invested in expanding the KAI platform to include new AI-powered features and incorporate innovations that continue to deliver both business results and customer engagement and delight.”

    For more information, and to get started on your banking journey into AI, check out kasisto.com.

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