DBS helps their customers manage their money with smart banking bots built with Kasisto’s conversational AI platform.
KAI Banking powers the virtual assistant in DBS digibank which breaks ground as India’s first mobile-only bank – it’s a completely paperless, signatureless and branchless banking experience. DBS, a leading bank in Asia, is at the forefront of innovation creating lifestyle banking – seamlessly weaving banking into customers everyday lives. DBS leveraged KAI Banking’s omni channel capabilities to expand their AI-powered assistant from mobile to the web and Facebook Messenger, and from India to Indonesia and Singapore.
Kasisto’s platform enables a conversational, human-like banking experience across channels – a requirement for a mobile-first bank with no retail presence. Via intelligent conversations, the assistant helps digibank customers to:
- Improve their financial literacy and user education via a series of conversational FAQs
- Increase their financial well-being with a contextual dashboard
- Rapidly gain access to account information and balances
- Locate transactions by data, merchant or category
- Pay person and transfer funds
- Streamline customer onboarding and self-service to deflect calls to live agents
That’s a lot of responsibility for the KAI-powered assistant – being the face of entire bank and handling all of the inquires and requests above. WIth more than one million customers, the KAI assistant handles 82% of all customers interactions without human intervention. The KAI-powered assistant is an expert in banking to ensure conversations are accurate and contextual – helping customers manage money, track expenses, analyze spending, make payments and more. The user experience is as natural as texting a friend.
Less than 18% of digibank customers require live chat sessions – even the smartest assistants cannot support all imaginable customer interactions. In these instances, the KAI assistant makes a seamless hand-off to a live agent and ensures a positive user experience with the context and continuity.
- Why this project is worthy of a UX Award:
Our submission is at the center of two significant shifts that have a huge impact on user experiences – artificial intelligence and conversation as a user interface. We created a conversational AI platform, KAI Banking, to empower financial institutions to attract, engage, transact and support their customers via intelligent conversations, anytime, anywhere. We enable them to create predictive, contextual and personalized conversations powered by smart bots and virtual assistants on messaging platforms, mobile apps, web and IoT devices. With AI driving the experience, these virtual assistants and bots fulfill requests, solve problems and predict needs as well as make actionable recommendations with data-driven insights.
In the DBS digibank case study, you’ll find the interactions between customers and the assistant are engaging. A typical conversation includes six exchanges with the customer sending at least three messages and the KAI-powered assistant responding in human-like conversation.
Conversation as an interface eliminates the tedious user experience common to banking which often requires a lot of navigating menus, buttons and search boxes to take action. Now, the user experience is simply conversation. For digibank customers, it means no more hunting menus, no more calls, no more waiting in lines – just text a question and get an immediate answer.
As a platform, KAI Banking is fluent out of the box with banking knowledge and was trained to understand hundreds of thousands of utterances specific to digibank. As an AI platform, it’s constantly improving and getting smarter with machine learning.
What really distinguishes the KAI-powered assistant is its ability to hold “human-like” conversations. They are trained to not only understand what the customer is saying but track what the customer is trying to do – even with multi-turn conversations. KAI tracks the context and flow of the conversation to stay focused on the customer’s goals.
- Submitted By: Kasisto, Inc.