Kasisto partners with Varo Money to power digital money coach

Artificial intelligence provider to the banking industry Kasisto has inked a deal to provide its KAI Banking platform to mobile-only banking start-up Varo Money, Inc. to power its smart bot “Val” inside Varo´s mobile app, the company said.

The Varo Money app and smart bot, Val, are currently in beta and will launch in early 2017.

Varo is an intelligent mobile banking app providing an integrated deposit account with a debit card, savings and lending products. The startup is dedicated to improving consumers´ financial health by encouraging positive spending, savings and borrowing habits. By integrating KAI Banking from Kasisto, Varo will give its customers personalized insights and recommendations via a 24/7 digital money coach in the form of a conversational smart bot named Val.

Kasisto´s conversational AI platform enables Val to engage in ways that are contextual, predictive and personal. The platform includes decades of AI research and is trained on thousands of banking intents and millions of banking sentences. It´s fluent in banking — from big picture trends to the minute details — so human-like conversations between a customer and a bank can encompass accounts, transactions, payments, budgets and goals. With permission, customized bots can take action on behalf of the customer.

Consumers can sign up for early access to the Varo Money app and smart bot, Val, on the Varo website.

Earlier this year, Varo partnered with The Bancorp Bank to provide private label banking services to support Varo mobile checking and savings account products. Varo has also partnered with Galileo Processing, Inc. to provide payment and transaction processing services, Socure, Inc. for digital identity verification services, and Cachet Financial Solutions Inc. for mobile check deposit.

Kasisto was founded in 2013 with the vision of enabling companies to engage and transact with their customers through intelligent conversations, anytime, anywhere. Its conversational AI platform, KAI, offers enterprises a comprehensive AI technology stack combined with industry-specific domain expertise to make bots and virtual assistants well versed in the businesses they serve.

Varo Money, Inc. is a financial technology company based in San Francisco, California.