Digital experience platform Kasisto has launched KAI-GPT. It is, says Kasisto, the world’s first banking-specific large language model (LLM). Specifically, it is designed to address the industry’s unique needs for accuracy, transparency, trustworthiness and customisation.

Powered by KAI-GPT, KAI Answers is Kasisto’s first generative AI application to use the LLM. For bank customer care staff, it provides the right answers quickly, via a contextual, human-like conversational experience.

Australia-based Westpac is in the process of implementing KAI. David Walker, CTO of Westpac Group, said: “Despite all the discussions about the future implications of generative AI in banking, Kasisto has made it a reality today through its real-world banking application of generative AI.

“What’s unique about Kasisto is that KAI-GPT is a banking industry-specific LLM. This means it’s more accurate, safe and intuitive while delivering ChatGPT-like conversational experiences. We’ve partnered with Kasisto since 2020 to explore how AI will bring next generation banking to help our customers and employees. I’m excited to unlock the potential that KAI Answers will bring.”

According to Kasisto, KAI-GPT empowers banks with the potential of generative AI to provide human-like, financially literate interactions at speed and scale. KAI-GPT is the first LLM that is purpose-built for banking. Kasisto works with 47 financial institutions and has spent the last decade developing KAI. Notable banking clients include JP Morgan, Westpac, Standard Chartered, TD and Nedbank. It aims to offer the leading conversational AI platform trained specifically to serve the banking industry.

Kasisto launches KAI Answers

Kasisto has also launched KAI Answers, its first generative AI application that harnesses the power of KAI-GPT. KAI Answers helps bankers locate, interpret and understand the information from a variety of sources. This includes policies, regulatory filings, procedures, web content, and complex financial products.

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Zor Gorelov, CEO, Kasisto, said: “We created KAI-GPT because banks can realise tremendous growth and performance benefits from generative AI. But they need to do so with deep consideration for compliance, accuracy, safety and ethical responsibility. The only way to achieve this is through an LLM that is optimised for the banking industry. Kasisto is making generative AI a practical reality for banks of all sizes. Our technology is built with the highest standards required by the banking industry.”

Generative AI in banking: potential to transform the industry

Generative AI is revolutionising the financial services industry by offering personalised customer experiences, enhanced decision-making capabilities, and efficient automation of processes. By analysing vast volumes of data, generative AI enables financial institutions to adapt to the changing conditions, and detect and prevent fraud, says GlobalData, publishers of RBI.

Manish Dixit, Practice Head at GlobalData, told RBI: “Generative AI in financial services can be used to develop intelligent chatbots and virtual assistants that provide personalised customer support. These AI-powered assistants can answer customer queries and assist with basic transactions. Leveraging large language models, they analyse financial data to offer valuable insights, personalised recommendations aligned with customer financial goals and preferences, and insightful performance comparisons.”