The fintech sector is looking at Artificial Intelligence with increasing interest. And this isn’t surprising. Indeed, Financial Technology has been growing exponentially: there are about 4,000 startups in the space (a conservative estimate, actually) and fintech’s value has grown from $930 million in 2008 to $12 billion in 2014. Read in Italian.
Furthermore, proof of that AI has started integrating with finance and e-banking systems has come from a piece of news which has been missed by the general public.
I’m talking about a statement released by Kasisto concerning the release of chatbots dedicated to stock investments and which can be integrated with common digital tools.
Kasisto is an American startup, established as a spin-off of SRI International, the research Institute founded by the Stanford University which created Siri, the digital assistant used by Apple.
Kasito is considered as one of the new names when it comes to chatbots. Last Autumn they launched two, MyKAI designed for managing personal finances, and another whose name has not been revealed, dedicated to banks only.
MyKai enables users to monitor their investments and operate in the stock market through Facebook Messenger, Slack, iMessage, SMS and other apps using a bot, i.e. software working as an assistant which can answer questions. This is a sort of fully automated and virtual customer care.
MyKAI, which has already been integrated with the API of Tradelt, a company working in partnership with Nasdaq, Etrade and other brokers, can answer over one thousand questions concerning financial vocabulary and concerning users’ personal finances.
Kasisto draws on multiple technologies from speech recognition to the creation and understanding of natural languages, up to AI reasoning capabilities.
The user interface developed by Kasisto lets users rapidly and easily access all the information they need and to operate bank accounts and financial tools via voice commands or by typing on their smartphone or tablet.
As reported by EconomyUp, if you ask it a question through Facebook Messenger, it can even tell you how much you have spent in a month or the total worth or your properties. Plus, it can answer questions like: “Can you tell me when Aapl [Apple share value] reaches 110 dollars?”.
What do you think about Artificial Intelligence applied to financial services? Do you use it? Would you like to be able to it? Do you think it’s user friendly and reliable? I would like to get your comments. You can Tweet me at @agostinellialdo.
If you liked this post, you should read Google to integrate AI into its homegrown devices.