Banco Sabadell's innovation hub InnoCells has joined a $3 million Series A follow-on funding round for Singapore-based artificial intelligence startup Active.AI.
Active.AI has built a conversational AI platform for the financial services sector that can understand complex contexts and conversations and then respond though natural dialogue.
The technology - used by Axis Bank and Cimb Bank, among others - can be linked to smart speakers such as Alexa and Google Home, as well as messaging apps like Messenger and WhatsApp to help banks communicate with customers.
Active.AI has also developed specific use cases for the financial industry, ranging from customer support and information, transaction execution, and even predictions of future requirements, including invoicing, transfers, claims management and shares trading.
Banco Sabadell says the technology will help streamline its cost structures by automating tasks, such as user queries, and designing interfaces that improve customers’ engagement.
Julio Martínez, executive director, InnoCells, says: "Active.Ai offers a business solution based on conversational artificial intelligence, which will have a profound impact on the future of the financial sector.
"Our investment in Active.Ai will take us one step closer to applying this technology in practice, which is difficult given the high level of vertical specialisation that is required, and will allow us to implement solutions that strengthen Banco Sabadell’s commitment to customer experience."
Editorial | what does this mean?