Kasisto, creators of KAI, the digital experience platform for the financial services industry, has launched KAI-GPT, the first banking-specific large language model (LLM), designed to address the industry’s unique needs for accuracy, transparency, trustworthiness and customization. Powered by KAI-GPT, KAI Answers is Kasisto’s first generative AI application to use the LLM.
What is the market offering of KAI-GPT?
For bank employees on the front line of customer care, it offers the right answers quickly, via a contextual, human-like conversational experience. KAI-GPT empowers banks with the potential of generative AI to offer human-like, financially literate interactions at scale.
KAI-GPT is the first large language model that is purpose-built for banking. Already working with 47 major financial institutions, Kasisto has spent the last decade rigorously developing KAI, the leading conversational AI platform trained specifically to serve the banking industry.
Kasisto also launched KAI Answers, its first generative AI app that harnesses KAI-GPT. It helps bankers locate, interpret and understand the information from various sources, including policies, regulatory filings, procedures, web content, and complex financial products.
KAI-GPT LLM was trained on a huge amount of financial data and can help build generative AI apps for banks. It was designed around 4 necessary pillars for financial services institutions:
- Accuracy: Purpose-built exclusively for financial services, thus providing precise, reliable answers for banking use cases
- Transparency: Customers have full visibility and auditability of the training methodology and content used to build the LLM
- Trusted: Trusted by financial institutions for how their proprietary data is used, kept secure, how Personally Identifiable Information (PII) is protected, and how their brand is respected
- Customization: Can be customized for any financial institution, using their unique data and content for their proprietary use
Why is Kasisto’s KAI-GPT a game changer?
Westpac, Australia’s first bank and oldest company serving more than 12 million customers, is in the process of implementing KAI. David Walker, CTO of Westpac Group, commented, “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 – which means it’s more accurate, safe and intuitive while delivering ChatGPT-like experiences. We’ve partnered with Kasisto since 2020 to explore how AI will bring next generation banking to help clients and employees, and I’m excited to unlock the potential that KAI Answers brings.”
Zor Gorelov, Chief Executive Officer of Kasisto, said, “We created KAI-GPT because banks can realize 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 optimized for the banking industry.”
“Kasisto is making generative AI a practical reality for banks of all sizes, because our technology is built with the highest standards required by the banking industry,” Zor said.
For more information on KAI-GPT and KAI Answers, please visit the website.
What is the wider industry context of this product launch?
The banking industry is one of the most complex and regulated industries in the world. Banks are constantly under pressure to comply with a wide range of regulations, while also providing their customers with the best possible service. In this challenging environment, large language models (LLMs) can offer a number of benefits to banks.
One of the most important benefits of LLMs for banks is their ability to help with compliance. LLMs can be trained on vast amounts of regulatory data, which allows them to identify potential compliance risks and flag them for human review. This can help banks to avoid costly fines and penalties, and to protect their customers from financial harm.
In addition to helping with compliance, LLMs can also be used to improve customer service. LLMs can be used to generate personalized product recommendations, to answer customer questions, and to resolve customer complaints. This can help banks to provide their customers with a more efficient and user-friendly experience.
Another benefit of LLMs for banks is their ability to help with fraud detection. LLMs can be trained on historical data of fraudulent transactions, which allows them to identify patterns and trends that are indicative of fraud. This can help banks to prevent fraud before it happens, and to protect their customers from financial loss.
In addition to these benefits, LLMs can also be used to improve a number of other banking operations, such as risk management, marketing, and product development. As LLMs continue to develop, they are likely to become even more valuable to the banking industry.
However, it is important to note that LLMs are not a silver bullet. They can only be as good as the data that they are trained on. If the data is not accurate or complete, then the LLMs will not be able to provide accurate results. Additionally, LLMs can be biased, which means that they may not be able to provide fair and impartial results.
Despite these challenges, LLMs offer a number of potential benefits for the banking industry. As LLMs continue to develop, they are likely to become even more valuable to banks.
Here are some additional specific examples of how LLMs can be used in the banking industry:
- Fraud detection: LLMs can be used to identify patterns and trends in fraudulent transactions, which can help banks to prevent fraud before it happens.
- Risk management: LLMs can be used to assess the risk of lending to a particular customer or of investing in a particular asset.
- Marketing: LLMs can be used to generate personalized product recommendations and to target marketing campaigns more effectively.
- Product development: LLMs can be used to gather customer feedback and to identify new product opportunities.
Overall, LLMs have the potential to revolutionize the banking industry. By automating tasks, improving efficiency, and providing insights that were previously unavailable, LLMs can help banks to better serve their customers and to reduce risk.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!