With the onset of Covid, banks and fintech companies have seen their call volumes go from thousands a day to hundreds of thousands a day in some cases; “COVID made it clear for banks that human-powered call centers are not the only answer,” said Zor Gorelov, Co-Founder and CEO at Kasisto, which makes KAI, a customizable and AI-powered customer service solution for banks and other financial companies, to TearSheet. “Banks now understand that a virtual assistant is no longer an option. You have to have it.”; tools like KAI can help banks to cut staff as the automation can handle 85 percent of call queries; the technology is still in the early stages, Daniel Faggella, CEO of Emerj Artificial Intelligence Research, explains to TearSheet, “At this point, the science of natural language processing is not up to the level that we can call actual conversation.”; most answers focus on simple questions like what is my account balance or what was this payment amount; AI usage is increasing on chatbots but overall the biggest AI expenditure is cybersecurity. TearSheet.