The Bank Slate


Westpac, BankSouth invest in AI company

Westpac Banking in Australia and BankSouth in Greensboro, Ga., participated in the latest round of fund-raising for Kasisto, a New York company that developed a virtual assistant the banks use. 

Kasisto, which specializes in conversational artificial intelligence (AI), raised $15.5 million in the funding round, which was led by Westpac and FIS. Kasisto raised $15.5 million earlier this summer. 

“We believe the future of banking experiences will become ever more contextual and will be powered by leading AI technologies that create more engaging interactions for every customer,” Stephane Wyper, a senior vice president of FIS Impact Ventures, said in a Monday press release. 

“We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanize digital consumer interactions,” Wyper said. 

“We have seen the successful adoption of conversational AI from our online banking customer base, and both our customers and bankers have found Kasisto’s technology to be effective and easy to use,” Harold Reynolds, chairman and CEO of the $1.3 billion-asset BankSouth, said in the release. 

“The more we work with this robust platform, the deeper and richer the experience has become for our customers,” Reynolds added.

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