Banking in Singapore Made Easier through Chatbots

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Chatbots are increasingly becoming common in Singapore. People are realising the potential uses of chatbots in their day-to-day life. Chatbot development in Singapore is also on the rise. Last year, several chatbots were released to the public. This year, people have already started using some of them for their daily activities. One of the areas where people are finding it very useful is the banking sector. Chatbots like MyKai and Digibank are already being used by the public and despite minor hiccups, the chatbot works perfectly well.

The bot named MyKai

MyKai was developed by Kasisto, the same startup that played a part in creating Siri, the talking digital assistant app for iPhone. Kasisto developed MyKai to work in the same way as popular messaging apps like Slack or Facebook Messenger. The bot helps users keep a track of their money and provides necessary information about important things like bank balance and fees. The main goal of the developers was to create a bot that could make banking easier for Singaporeans. MyKai certainly scores high on usability and usefulness.

Users who sign up for MyKai are re-directed to a web page where they provide their banking information. The information is not stored on the web page. It is, therefore, impossible for the developers of Mykai to know who the users are. After giving the credentials, users receive a token which ties them to financial institutions, like banks. The banks recognise the customer information and the anonymous user now becomes visible. Users are also asked whether they would like to make any payments or not. If they do wish to make a payment, MyKai receives a token.

The user interface of the chatbot is user-friendly and allows every individual to interact with the chatbot according to their wish.

The chatbot is currently used with Facebook and Slack but developers are trying to expand their base to other messaging services as well.

POSB digibank virtual assistant

One of the challenges developers face while building chatbots is their ability to understand human language and respond accordingly. The POSB digibank virtual assistant was developed keeping communication in mind. The digibank’s natural conversation skills do not require users to memorise codes or syntaxes for things to work.

The digibank chatbot has also been developed by Kasisto and is being extensively used by DBS for its banking purposes. The chatbot was initially developed for SMS. It is also being set to be used with messaging services including WhatsApp and WeChat.

Previous experiments with chatbots have shown varied responses from users, such as annoyance, surprise, and so on. The conversation was a big problem and chatbots were unable to understand what was being asked of them.

The digibank chatbot is branching out to handle different functions of banking, and soon it will be integrated with the entire banking system.

Chatbots are becoming increasingly important for Singaporeans, the number of chatbot users keeps increasing each day. In the banking sector, chatbots have made quite an impression as users are growing comfortable using them. MyKai and digibank both have good communication skills and they both easily understand what is being said to them. The chatbots follow instructions without any problem and overall perform wonderfully.

The use of chatbots has made banking easier for Singaporeans because now users need not remember every small detail about their bank accounts. From checking their bank balance to doing complicated transactions, Singaporeans are becoming increasingly dependent on chatbots to do their work. It is expected that more chatbots will be developed in Singapore, not only for banking but for other sectors as well. The chatbots will make life easier and increase productivity amongst Singaporeans.


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