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/

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/

Bots For The People, By The People At Bank Of Montreal

  • “After exploring intelligent automation for several years now, BMO is accelerating its robotic process automation (RPA) strategy.
  • BMO has employed automation for hundreds of processes and in doing so, created millions of dollars in value for the bank.
  • Bots are helping their BMO colleagues by performing testing and monitoring functions, tightening controls, fighting crime and speeding up client onboarding processes.
  • Launched on March 13, RAMBO (Remote Access Management Bot) was integral during the first stages of the COVID19 response, enabling BMO to quickly and effectively transition its workforce to remote network access. More than 11,000 requests were reviewed and triaged by RAMBO, providing an additional 1,300 hours of team capacity to address this critical activity.”

https://www.google.com/amp/s/www.forbes.com/sites/tomdavenport/2020/08/03/bots-for-the-people-by-the-people-at-bank-of-montreal/amp/

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Bankers embrace new guidelines for ethical AI

  • “‘We are still in early stages,’ said Malcolm Griggs, the chief risk officer of Citizens Financial in Providence, R.I. ‘The work we have done on machine learning, data science and automated processes as tools to help customers and streamline decisions is tested to guard against unconscious bias that would result in unfair treatment or inappropriate use of data.’
  • Tony Cyriac, BMO Financial Group’s chief data and analytics officer, said BMO ‘is working towards accelerated business outcomes using AI while preserving the trust with our customers and internal stakeholders with our Trustworthy AI initiative,’
  • U.S. Bancorp in Minneapolis is currently using AI in numerous applications including fraud detection, customer service improvements, directing calls to the best person, process automation and forecasting, according to Tanushree Luke, senior vice president and head of artificial intelligence in the bank’s chief digital office. In the future it expects to expand its use of AI in customer services, cybersecurity and explainability, he said.”

https://www.americanbanker.com/news/bankers-embrace-new-guidelines-for-ethical-ai