Think artificial intelligence (AI) is just for fintech startups? Think again.
RBC, the country’s largest bank, is the the first bank in Canada to offer clients personalized digital financial insights and a fully-automated savings service through their RBC Mobile app.
NOMI Insights and NOMI Find & Save provide personalized and timely insights to help clients manage their day-to-day finances through their phones. The new capabilities use a client’s account activity to identify trends, unusual activity and potential savings opportunities.
The financial institution announced the pilot launch of the digital services, both based on AI, which use predictive technology to identify money in a client’s cash flow that can automatically be saved.
“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 in a media release.
“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.
Customers will have to sign up and opt in to use Find and Save. Insights, however, will automatically provide financial information once the full launch goes live. The RBC banking app is free-to-download on both Android and iOS.