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/

How RBC’s AI-Powered Digital Assistant Doubled Mobile Engagement

  • “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.”

https://thefinancialbrand.com/124224/how-rbcs-ai-powered-digital-assistant-doubled-mobile-engagement-chatbot-nomi/

Blockchain, AI, Internet of Things Will Change Banking, RBC CEO Says

“Royal Bank of Canada Chief Executive Officer Dave McKay said he sees blockchain maturation, the spread of artificial intelligence and the so-called internet of things as three big technological developments that will change banking in coming years.

Blockchain and digital coins aren’t fully mature yet, but they will continue to evolve, McKay said during a virtual discussion as part of the Sibos financial-services conference. AI, which Royal Bank already has embedded in a trading platform, will expand to more and more decisions, and more data will be affected by machine learning, he said.”

https://www.bloomberg.com/news/articles/2021-10-12/rbc-ceo-sees-blockchain-ai-internet-of-things-changing-banking

How banks are harnessing artificial intelligence

iStock.com / Alashi
  • “Since 2016, Royal Bank of Canada (RBC) has focused on AI through its dedicated research division called Borealis AI. In October 2020, Borealis AI and RBC announced the launch of Aiden, an AI-driven electronic trading platform for institutional investors.
  • ‘For every trade [Aiden] makes, it also justifies why it just did that,’ Agrafioti said. ‘And that gives people confidence and trust that they understand the context of the algorithm they’re seeing.’”

How banks are harnessing artificial intelligence