Active AI picks up $3m for banking chatbot

Chatbot for financial services startup Active AI has raised $3m in a new round of venture funding from IDG Ventures India and Kalaari Capital.

The Singapore-based company provides its platform to banks and financial institution allowing their customers to interact with its chatbot-based user interface.

Active AI’s technology is powered through partnerships with IBM Watson for cognitive intelligence and Envestnet Yodlee for its data and API platform.

The firm aims to offer financial customer services through chat apps including, Facebook Messenger, Line, WeChat and Telegram as well as voice controlled channels such as Apple’s Siri or Amazon Echo.

It also aims to serve customers with chat interfaces on bank’s own apps and websites.

The company says it will use the capital to further develop its technology platform and AI features in addition to expanding its Bengaluru-based developments centre.

Active AI raised $500,000 in Seed funding from Kalaari Capital in May.

The new financing comes as more customer services operations look to artificial intelligence to streamline call centres as well as provide round the clock services.

As consumers spend more time using messenger apps business are looking to these types of interfaces to power human interaction.

Combining it with artificial intelligence to provide chat bots with which customers can interact using natural language creates the potential for banks and financial institutions to offer round the clock customer care at a greatly reduced cost to traditional call centres.

Copyright © 2016 FINTECH GLOBAL

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