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DBS Financial Services Are Coming To Facebook Messenger And WhatsApp

by on August 17, 2016

Yet another bank has seen the future of Facebook Messenger-based fintech bots. DBS, one of the largest financial institutions in the world today, is testing conversational AI technology. Customers will be able to manage their money, as well as make payments. Two platforms will e supported, as DBS is looking at both WhatsApp and Facebook Messengers for this concept.

DBS Eyes Facebook Messenger and WhatsApp

It was only a matter of time until more banks looked at online communication platforms for financial services. DBS is enlisting the help of Kasisto, which has a track record in AI-based financial services. The company is also responsible for developing the technology used by Siri.

For the time being, this AI service will be only available to customers in India and Singapore. Other markets will follow, albeit there is no specific timeline for the rollout. Solutions like these will stand or fall based on how difficult the are to use. Kasisto’s artificial intelligence offering allows users to converse through natural language.

Among the services offered is an option to check one’s account balance which is always valuable. Furthermore, users can manage their money across accounts and track expenses. More importantly, users can also make payments through Facebook Messenger and WhatsApp, which is a rather novel concept.

To be more precise, DBS will launch this service on Facebook Messenger only to begin with. WhatsApp and WeChat have been confirmed to be added a later stage. Tackling all of these platforms will open up the banking solution to millions of users around the world. But for now, only Singapore and India will be supported by the end of 2016/

Header image courtesy of Shutterstock

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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