RBC wants to use artificial intelligence to help customers make financial decisions

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Canadian bank RBC is hedging on a bet that its customers will want to get banking advice from artificial intelligence.

Canada’s largest bank has announced that its mobile banking app will soon provide users with “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.”

Dubbed ‘NOMI Insights’ and ‘NOMI Find and Save,’ the services are currently in a pilot release. A full launch is expected later this fall.

“Simple solutions like NOMI Insights and NOMI Find and Save will provide value in a seamless way, when, how and where it’s most convenient for our clients,” said Neil McLaughlin, group head of personal and commercial banking for RBC, in an August 28th, 2017 media release. “NOMI Insights and NOMI Find and Save are always thinking a few steps ahead to help ensure our clients’ finances are in order.”

According to the same media release, NOMI Insights “helps manage day-to-day finances with timely tips and advice.”

Insights works by monitoring an RBC client’s bank account, offering advice on how clients should spend their money based on past purchasing decisions, as well as bills and monthly payments.

NOMI Find and Save also monitors client bank accounts, and the AI automatically moves money into a savings account whenever the program identifies a cash flow surplus.

RBC’s Heather Colquhoun, senior manager of corporate communications, told MobileSyrup that customers will have to sign up and opt in to use Find and Save.

Insights, however, will automatically provides financial information once the full launch goes live.

The RBC banking app is free-to-download on both Android and iOS.

Source: CNW

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