RBC pilots AI-based financial insight tools

Source: RBC

Walk the dog, make lunch, dash out the door to work, pay bills, buy groceries on the way home, binge-watch your favourite series, reset and start all over again tomorrow.

Living in the moment doesn't leave a lot of time for planning your future, or for trying to grow any savings to finance that future. Imagine if money management and saving could be effortless, something that happened in the background while you were busy living your life?

In another first for a Canadian bank, RBC is announcing the pilot launch of two digital services based on artificial intelligence (AI) that offer actual insights about our client's financials and a fully-automated savings solution that uses predictive technology to identify money in a client's cash flow that can be automatically saved.

NOMI Insights™ and NOMI Find & Save™ provide personalized, timely and relevant insights to help clients manage their day-to-day finances on the go through the RBC Mobile app. Both of these new capabilities use a client's account activity to identify trends, unusual activity and potential savings opportunities.

"We're investing in emerging technology like predictive analytics to better understand our clients. Simple solutions like NOMI Insights and NOMI Find & Save will provide value in a seamless way, when, how and where it's most convenient for our clients," said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. "NOMI Insights and NOMI Find & Save are always thinking a few steps ahead to help ensure our clients' finances are in order. We're one of the leading voices on artificial intelligence in Canada, and these new digital capabilities are examples of how our clients are benefitting from our advancements in AI."

NOMI Insights will be automatically available this fall to all RBC Mobile clients running the most recent version of the RBC Mobile app– that means that 1 in 9 Canadian smartphone users will have access to personalized digital financial insights at launch.

Using NOMI Insights and NOMI Find & Save

NOMI Insights and NOMI Find & Save help clients manage their money effortlessly, and on the go, by offering personalized insights at a glance through the RBC Mobile app.

NOMI Insights helps clients manage day-to-day finances with timely tips and advice. While you're busy living your life, NOMI Insights is keeping an eye on your finances to help you keep track of spending, plan for upcoming expenses and give you a head's up when needed, like when a regular monthly payment is higher than usual. NOMI Insights can also tell you when monthly spending in a certain category is unusual so you can make informed decisions about your spending habits. For example, NOMI Insights may notice that you've been dining out more than usual in a given month, or your transportation costs have increased.

NOMI Find & Save helps make saving simpler for clients by using predictive technology to find pockets of money in a client's cash flow and automatically moving that money into savings.
Both NOMI Insights and NOMI Find & Save blend artificial intelligence and client data with a highly personal touch, identifying trends, unusual activity and potential savings opportunities. Both capabilities are now in pilot with clients ahead of a full launch this fall.

RBC and digital innovation

RBC continues to evolve into a digitally-enabled relationship bank, focused on providing clients with an exceptional and secure experience that's available when, how and where it's most convenient for them.

Through co-creation work with our clients and our employees in our RBC innovation labs, we're building digital capabilities to be more convenient, more seamless and more personalized for our clients, to help them manage their day-to-day finances and reach their financial goals.

Innovations such NOMI, with its related NOMI Insights and NOMI Find & Save, are provided to clients through our RBC Mobile app, which was recently awarded the Highest in Customer Satisfaction Among Canadian Mobile Banking Apps by the J.D. Power inaugural 2017 Canadian Banking Mobile App Satisfaction Study. RBC has seen an increase of more than 20 per cent in active mobile users over the past year, a clear indication that more Canadians are using the RBC Mobile app to bank whenever and wherever they want. 

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