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/

The industrial data revolution: What founders got wrong

  • “One place AI has really shined, though, is in content recommendation. It turns out that computers are frighteningly effective at targeting and disseminating content. And oh boy, did we underestimate the incentives and impacts around that aspect of data and AI.
  • As a professor, I’d award it a passing grade, but not an A. There is substantially more data available to us with more uses than we probably ever could have imagined. That’s led to incredible advances in AI and machine learning along with analytics, but on many tasks, we’re still just scratching the surface, while on others we’re reaping the whirlwind. I am fascinated to see what the next 10 to 20 years will bring and look back on these issues again.”

https://techcrunch.com/2021/11/14/the-industrial-data-revolution-what-founders-got-wrong/amp/

The 4 Things You Need to Do to Get (and Keep) Ecommerce Customers

  • “At the end of summer 2020, Americans had spent 14 billion hours — that’s 1.6 million years —and $73.2 billion on online shopping in 2020.
  • Mobile shopping is no longer a secondary concern for ecommerce businesses: Smartphones now account for more than half of visits to retailer websites and are on track to make up more than 50% of online spending by September of 2022.
  • Between just March 29 and April 4 of last year — just one week — mobile shopping apps reached 14.4 million downloads in the US, up 20% from January. And as of June, 90% of consumers aged 25–35 said they preferred shopping on their phones.”

https://www.entrepreneur.com/article/389524

Six AI and Big Data Trends in Banking for 2022

  • “81% of bank and credit union executives believe that unlocking value from AI will be the key differentiator between winning and losing institutions, research by The Economist Intelligence Unit and Temenos found.
  • Appen, a data collector, found that 71% of technologists say that Covid either somewhat or significantly accelerated their AI strategy.
  • And one of the biggest spenders will be banks and credit unions, only slightly outpaced by retail. Banking will account for 13.7% of AI spend versus 13.8% for retail.
  • According to PublicisSapient, almost one-third (29%) of banks say that lack of skills have been a barrier to transformation. To fill their talent pipeline, 37% of banks and credit unions are beginning to invest more heavily in their people and develop their existing talent.
  • Gartner predicts that cloud-native platforms will serve as the foundation for more than 95% of new digital initiatives — up from less than 40% in 2021.
  • Gartner predicts that by 2025, the 10% of enterprises that establish AI engineering best practices will generate at least three times more value from their AI efforts than the 90% of enterprises that do not.”

https://thefinancialbrand.com/124980/six-big-data-and-ai-trends-in-banking-for-2022-cloud/