3rd PIC 2016 Kasisto, USA: Financial services, chatbots
To enable companies to attract, engage and transact with their customers through intelligent conversations anytime, anywhere.
About the product
KAI, a conversational artificial intelligence (AI) platform, enables financial institutions to create entirely new experiences with intelligent conversations on messaging platforms, mobile apps, web and Internet of Things (IoT). KAI is preloaded with deep financial knowledge including thousands of intents and millions of banking sentences. After it is trained on an institution’s data, products and services, then sophisticated machine learning constantly improves performance and customer experiences to fulfill requests, solve problems and predict needs.
About the market
IDC predicts the artificial intelligence market – hardware, software and services – will surge from $8B this year to $47B by 2020. Currently, we license KAI to financial institutions, including retail banks, credit card companies, brokerage houses and wealth management firms. That addressable market is $10B with the fastest growth in APAC, India and North America. Financial institutions are investing in AI solutions to make their products and services more relevant, personal and helpful, and reach their customers on exploding messaging platforms.
What are your venture’s key achievements to date?
Kasisto is backed by some of the world’s most innovative banks, including Wells Fargo and DBS Bank. In April 2016, DBS launched digibank, which is powered by Kasisto personal assistants and was named World’s Best Digital Bank at the Euromoney Awards for Excellence. DBS is extending their use of Kasisto to include bots in messaging apps and expanding into Singapore and India by the end of the year. The Royal Bank of Canada has also announced plans to pilot KAI-powered smart bots for its banking customers. Additional accomplishments include:
- 2016 Gartner Cool Vendor winner
- 2016 Fintech Forward Company to Watch
- Alumnus of 2014 Wells Fargo Startup Accelerator
- 2014 Fintech Innovations Lab winner
What are your plans for future development?
Kasisto continues to expand its client base by licensing KAI Banking to financial institutions, including the world’s most innovative retail banks, credit card companies, brokerage houses and wealth management firms. In July 2016, Kasisto announced plans to train KAI to understand investment portfolios and market dynamics so users can set smart alerts and conduct secure, authorized transactions. Also, KAI, the conversational AI platform, is industry-agnostic and Kasisto plans to bring new deep domain expertise to additional verticals like insurance and others.