Kasisto and Moneythor Partner to Offer Industry-Leading, AI-Driven Intelligent Banking Conversations

  • Feb 12, 2019
  • PR Newswire

NEW YORK and SINGAPORE, Feb. 12, 2019 /PRNewswire/ -- Kasisto, creators of KAI, the world's leading Conversational AI platform for finance, and Moneythor, creators of the powerful data-driven engine to enhance digital experiences for banks and fintechs, today announced they are partnering to provide the industry's first seamlessly integrated intelligent banking solution to financial institutions.

KAI powers virtual assistants and chatbots across banks' channels that engage in human-like, intelligent conversations. Quality data is one of the most important feeds to enable those conversations. Moneythor is able to aggregate and augment the bank's data so it is more useful and ultimately actionable because it correlates an endless stream of disconnected data points to customer goals and behaviors.

The partnership between Moneythor and Kasisto enables KAI to leverage data processed by Moneythor to deliver tailored recommendations, actionable insights, and contextual personal finance management advice. Ultimately, the bank's customer gets a more personalized, differentiated and actionable experience as Moneythor enhances the bank's raw data so the virtual assistant can focus on AI-driven proactive and predictive conversations.

"We already see great traction in the market and gained valuable experience deploying KAI at top-tier financial institutions. This partnership with Moneythor comes after our two companies collaborated at several banks in North America and Asia, including DBS Bank and Standard Chartered," said Zor Gorelov, CEO and co-founder of Kasisto. "With this production experience, together, we've learned what it takes to seamlessly integrate our API-centric Conversational AI platform with Moneythor's real-time personalization engine. Our teams and our products work well together, and this means financial institutions working with us can speed their time to market to enable intelligent banking solutions and create more meaningful relationships with their customers."

Moneythor's data solution continually cleans, augments and enriches disparate and often uncategorized data, and then follows by generating proactive recommendations, insights and nudges, so Kasisto's conversational engine can power engaging conversations about the customer's financial life. For example, Moneythor's engine may change "SBUX w24" in a bank statement to "Starbucks on 24th" and categorize it as coffee shop, while simultaneously crafting a contextual notification to alert the customer of a notable increase in their weekly expenses as a result of this transaction. KAI will utilize the data and the related personalized message to accurately read spending habits by category. This example would not only allow customers to ask questions such as "how much have I spent on coffee last week?" but also allows the bank to learn more about their customers' spending patterns and offer savings products, location-based offers, and coffee rewards.

"In its raw form, a financial institution's data offers limited potential as it comes to driving intelligent conversations and actionable recommendations," said Olivier Berthier, CEO and co-founder of Moneythor. "Pairing Moneythor's unique built-in transaction data analytics and nudge engine together with Kasisto's best-in-class Conversational AI helps us help global banks to deliver highly engaging banking services for the digital age."

"In the race for better customer engagement on digital channels, banks are increasingly focused on becoming money managers, rather than simply money movers, and the key to winning that battle is the ability to understand, interpret, and enable customers to act on increasingly complex financial decisions, in the same language that people use to speak and text with each other," Gorelov explained. "Banks now can use AI to unlock the power of their data and analytics to provide personalized solutions that help customers better understand where their money is going and assist them in building savings habits and achieving their financial goals. Integrating KAI and Moneythor does that."

Banks understand that their massive amounts of structured and unstructured data must be augmented, classified and analyzed before it can be meaningful to their customers. In fact, FIS reports the leading financial services firms are leveraging data to improve their customer relationships and work with customers on how to make their services more relevant; 57 percent said data management investments have improved how they share data and helped build closer relationships, the survey noted, compared with 25 percent of the rest of the industry. Capgemini's finding that customers are willing to share more information with banks if banks can provide personalized experiences and relevant value propositions similarly support the need for intelligent, personalized conversations.