Beyond chatbots, banks are now investing in 'brains' behind them

The customer experience in banking is about to get a lot more personal, as shown by an investment announced Wednesday in technology that will act as the "brain" behind AI financial services applications. Kasisto – a company that's behind a conversational AI platform about around a dozen financial institutions globally use – just completed a $17 million Series B funding round. It's yet another sign that customers' future interactions with their banks are more likely to be with non-humans. "It not only helps the bank become more informed of their end consumer, it serves the individual better, and in so doing reduces their cost structure and potentially generates additional revenue," said Patricia Kemp, co-founder and general partner of Oak HC/FT, the venture capital firm that led the funding round. "It's strategically important for banks to improve their mobile experiences and improve their online experiences."