- “Royal Bank of Canada, second-largest bank in Canada by assets (C$1.62 trillion ), has been building its competence in this area for several years, using advanced technology. Results suggest the investment is paying off. Not only are the number of users increasing, but they’re spending more time using features of the bank’s popular virtual assistant, called NOMI (for “know me”). A newly added cash-flow forecasting feature could add to the momentum.
- FINRA data from 2021 shows that 37% of Americans are living on the financial edge and 14% are living paycheck to paycheck. Experts have been predicting that advanced technology could be a boon for consumers in this situation. RBC’s NOMI now addresses this need specifically.
- Launched in 2017, NOMI has about 1.5 million active users. The “active” designation is significant because tallies of users typically include the people who may have downloaded an app, but never actually used it. Further, more than half (53%) of NOMI users say the virtual assistant is a game changer for their finances, the bank states. This is partly because RBC has been steadily adding features to the platform.”