Mastercard Grows Its Brand with New Personal Finance Chatbot KAI

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Mastercard KAI Bot

Hot on the heels of Bank of America’s announcement yesterday that it is launching a new chatbot named Erica, Mastercard has unveiled its own personal finance bot named KAI at Money 20/20.

Mastercard’s artificial intelligence-powered bot responds to more than 1,000 queries about personal finances and other subjects. It was developed by Kasisto, a spinoff of Siri creator SRI International.

Available to US consumers later this year, Mastercard KAI will converse about a customer’s account history and account balance, as well as make payments, identify spending patterns and set alerts for specific kinds of spending.

In addition to the Mastercard bot for banks, the financial services provider is also launching a bot for merchants. Scheduled to launch by year’s end, consumers will be able to shop and transact on messaging platforms and then check out with the Masterpass global digital payment service. The API can be implemented with chatbots, AI and VR apps, and Pepper the robot will report for work at Pizza Huts in Asia by year’s end.

“Our goal is to simply plug and play solutions for the merchants that are looking to facilitate their own bots,” said Kiki del Valle, SVP digital payments and labs at Mastercard, in Venture Beat. “We build the bots for both our merchant partners as well as our issuing partners, our banks, with the purpose of using chat and messaging and natural language interfaces to communicate with consumers.”

As part of Bank of America’s announcement, Michelle Moore, head of digital banking, said the Erica bot “will create a more personalized experience that not only helps clients execute a broad range of transactions, but also serves as a trusted financial advocate.”

Meanwhile, American Express launched a Facebook Messenger bot in September.

There’s no question the bot battles have begun in earnest, as the financial conversations between brands and consumers gets more intelligent.

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