How banks in Canada tap into AI to boost customers’ banking experience

RBC Nomi

  • “ 1.47 million unique users of NOMI tools in June 2021.
  • Since 2017, NOMI Find & Save has helped clients find and save over C$1.5bn in total.
  • Since 2017, clients have read about 1.7 billion insights through NOMI Insights.
  • Since 2019, over 1.1 million clients have set a budget with NOMI Budgets.
  • Since 2020, Ask NOMI has answered 3.5 million questions for clients.

Scotiabank

  • In February 2021, Scotiabank launched C.MEE which uses the bank’s Global AI platform to provide “hyper-personalisation.” C.MEE analyses data across customer touchpoints – branch, mobile, online, contact centre and email – to determine what advice is most relevant for a customer. The system then provides the advice through the customer’s preferred channel.

ATB Financial

  • Using natural language processing, the chatbot can handle 500 different enquiry types, which represent over 65% of ATB’s top call centre enquiries
  • Machine learning is used by ATB to provide clients with personalised advice. “We’ve interacted with over 240,000 clients last year where we’ve offered them AI-assisted advice about products and services to improve their banking experience

BMO

  • According to BMO, since its launch in 2019, customers have been receiving around 7 million insights per month via BMO Insights and are engaging with the data generated for them, in some months, nearly 50% of the time.
  • BMO’s cashflow prediction tool’s accuracy is exceptionally high at 97% (correct predictions over all predictions) because its model factors in the customer’s holdings and spending across multiple accounts.”

https://www.verdict.co.uk/ai-banking-canada/

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