Startup Kasisto created a banking-specific large language model (LLM), which it says is more bespoke, easier to customize, and less likely to “hallucinate” false info than generalized AI tools – and Westpac is its first user. 

Westpac is increasing its focus on generative AI through a deepened partnership with chatbot developer Kasisto. 

Kasisto just announced Kai-GPT, a custom LLM trained on data and documents specific to the financial services industry (versus the broad training set of OpenAI’s model, for example). Its specialized approach will provide FinServ clients with a more accurate, transparent, trustworthy, and customizable GenAI experience, the firm says.  

To make the tool even more targeted, Westpac will also train Kai-GPT on its own proprietary content. Employees will be able to correspond with a conversational chatbot to enhance their work, whether in the mortgage lending process or for general customer service.  

The specialized, layered LLM will “formulate these really rich, wonderful answers, but in an accurate and concise way,” according to Westpac CTO David Walker. 

Westpac has worked with Kasisto since 2020 and co-led its $15.5 million funding round late last year. The startup also counts JPMorgan Chase, Standard Chartered, BankSouth, and TD among the customers for its original chatbot service.  

For more ways that FinServs are experimenting with this hot new technology, check out Distilled’s latest report.