RBC is on a mission to make investing and mobile banking as easy and fluid as possible for Canadians.
The largest bank in Canada has announced the pilot launch of two digital services powered through AI. The first service is designed to offer real time insights about a client’s financials and the second new function is a fully-automated savings solution that uses predictive technology to highlight money in a someone’s cash flow that could automatically be saved.
The services are called NOMI Insights and NOMI Find & Save respectively, and both are available through RBC’s mobile app. They aim to provide personalized and timely information to help customers manage everyday finances. The new NOMI offerings are powered by the use of AI to read and analyze trends and potential savings opportunities from any given client. These services will be made available to all RBC Mobile clients this fall, as long as you have the newest version of the app.
“We’re investing in emerging technology like predictive analytics to better understand our clients,” said Neil McLaughlin, group head of personal and commercial banking at RBC in a release. “NOMI Insights and NOMI Find & Save are always thinking a few steps ahead to help ensure our clients’ finances are in order.”
NOMI Insights is essentially a little financial advisor on the RBC app that monitors your cashflow and offers up some tips when it sees fit. It can help you track spending and even let you know when a regular monthly payment is more than it should be. It will even play the role of a parent if need be; helping you make informed spending decisions by letting you know that maybe eating out two times a day every weekday this month was too much.
NOMI Find & Save on the other hand is a bit simpler, as it acts on its name—it will find pockets of money within your normal spending habits and automatically move that money into savings.
RBC is a strong investor and enabler of digital innovation, especially within its online and app-based banking. The bank is on a mission to provide exceptional experiences whenever a client may need it.
“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,” Neil McLaughlin.
RBC’s app had the highest customer satisfaction in a 2017 J.D. Power study.