December 28, 2017
AI could boost banks’ revenues by 3.4% and cut costs by 3.9% over the next three years, UBS says. While AI-powered technologies – assistants, advisors, bots – have significant challenges to overcome, entrepreneurs like the one I had a pleasure to interview recently, move the industry forward by introducing the next generation of capabilities to the financial services industry.
Zor Gorelov, Co-founder & CEO of Kasisto, the company behind conversational AI platform KAI, which enables companies to attract, engage, and transact with their customers via human-like and intelligent conversations anytime, anywhere, shares how KAI is applied by some of the largest financial institutions, and what role conversational banking will play in the financial services industry.
Photo: Zor Gorelov, CEO, Kasisto
Elena Mesropyan: Zor, thank you for joining us today for this conversation. Let’s start with you telling a little about yourself and your professional experience.
Zor Gorelov: Kasisto was spun out of SRI International, the same world-renowned research institute where Siri was invented. Other everyday inventions from the institute include the computer mouse, HDTV, and website addresses (.com). For years at SRI Ventures, Dror Oren, one of our four Co-founders and Chief Product Officer, was at the forefront of commercializing AI technologies. Dror and I met back in 2012 when he was working on SRI’s next-generation virtual personal assistant engine that became the foundation of Kasisto’s conversational AI platform, KAI.
Prior to founding Kasisto, the four of us – Ruth Brown (COO), Dror (CPO), Sasha Caskey (CTO), and myself – had been in the trenches building the foundation for this moment. In 1996, I founded BuzzCompany to improve communication and collaboration on company intranets, aka today’s Slack. In 2001, Ruth and I co-founded SpeechCycle and developed virtual assistants based on speech recognition and natural language understanding technologies. Sasha and Dror, add a layer of deep AI expertise to the founding team given their respective careers at SRI International and IBM T.J. Watson Research Center.
In 2013, we came together to create Kasisto because we firmly believed that a conversation is the most intuitive and natural way for people to interact with computers and that all of the pieces had finally come together to make conversational AI a reality. And now there is great momentum, especially in the financial services market.
Elena Mesropyan: What led you to found Kasisto? Tell us about your company. What ...