Mobile Commerce

Meet MyKAI: The Bank Account Focused Chatbot

MyKai Launches Banking Chatbot

Going to a physical bank branch can often be the same as going to the DMV - long lines, surly customers and tellers that may or may not be as happy to see you as they say they are. Thanks to a new chatbot, though, all that may be a thing of mobile banking's past.

Wired reported that Silicon Valley research lab Kasisto has officially launched MyKAI, a mobile banking chatbot, as of Tuesday (June 28). Accessing something much like a teller in a pocket, users can interact with MyKAI to do things like check balances, transfer funds and itemize purchases from the past to see how much one spends on coffee or travel per month. It's a level of personal control and customized customer care that Kasisto CEO Zor Gorelov says is perfectly suited to the modern consumers and his or her needs and expectations in mobile banking.

"The face of retail banking is changing, driven partially by startups but also from the inside of some of the most forward-thinking banks globally," Gorelov said in a statement. "We are using conversational AI and deep financial knowledge so that banks can leverage the popularity of messaging services to promote features and services to existing customers and attract new customers with delightful, intelligent conversation."

MyKAI will be available for integration through Facebook Messenger, Slack and other SMS messaging platforms, and it's secured the backing of the Royal Bank of Canada as its first North American financial supporter. Calling MyKAI "a banking experience that is as natural as texting a friend, while delivering the security our clients expect," EVP Linda Mantia praised the potential of MyKAI for a mobile banking industry in need of some fresh innovation.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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