RBC Wins Best Use of AI for Customer Experience for NOMI Forecast
More than 900,000 RBC clients use NOMI Forecast since 2021 launch
TORONTO, April 28, 2023 /CNW/ - Royal Bank of Canada (RBC) is proud to announce that its cutting-edge capability, NOMI Forecast, has been recognized for Best Use of AI for Customer Experience at the 2023 Digital Banker Digital CX Awards.
NOMI Forecast provides clients with a quick seven-day view into their future cashflow, showing upcoming preauthorized payments from any RBC deposit account. Since its launch in September 2021, more than 900,000 clients have used the feature. Over the past year, NOMI Forecast was enhanced to include bill payments, e-transfers, investment contributions and salary payments.
"RBC is honoured to receive this award. I'm proud of our world-class digital team that continues to build capabilities that make it easier for clients to stay connected to their money. The use of artificial intelligence in NOMI Forecast is a great example of how we are leveraging technology to enhance our clients' experience and enable them to safely and simply manage their money," said Peter Tilton, chief digital officer, Personal & Commercial Banking at RBC.
NOMI Forecast was developed alongside Borealis AI, a world-class AI research centre backed by RBC. Borealis AI brings together top talent from academia and industry and continues to advance and develop responsible AI solutions for RBC's clients.
With NOMI Forecast and other NOMI features, RBC is enhancing the way customers interact and understand their finances, delivering personalized insights and advice to them to help build more confidence in managing their money. The addition of NOMI Forecast has led to more than 10 million client interactions since 2021.
"NOMI Forecast is a cutting-edge AI solution that uses deep learning to offer timely and accurate predictions of our clients' cashflow. Powered by our unique datasets, these AI models have been trained to deliver personalized experiences for RBC clients," said Foteini Agrafioti, chief science officer at RBC and head of Borealis AI.
About RBC's NOMI
NOMI is a powerful digital capability that delivers personalized insights to help clients build confidence in managing their money. Clients using NOMI Find & Save have put aside more than $3.6 billion in savings. NOMI Insights for RBC InvestEase, introduced last year, helps clients start and stick to their savings and investing strategies with timely nudges when spare cash is available. NOMI Budgets now keeps track of even more expenses, from groceries to household expenses. More information about all NOMI capabilities is available at www.rbc.com/NOMI.
About Borealis AI
Borealis AI is a world-class AI research center backed by RBC. Recognized for scientific excellence, Borealis AI uses the latest in machine learning (ML) capabilities to solve challenging problems in the financial industry. Led by award-winning inventor and entrepreneur Foteini Agrafioti, and with top North American scientists and engineers, Borealis AI is at the core of the bank's innovation strategy and benefits from RBC's scale, data, and trusted brand. With a focus on time series modelling, applying ML to financial markets, and responsible AI, Borealis AI is committed to building solutions using machine learning and artificial intelligence that will transform the way individuals manage their finances and their futures. As part of its commitment to advancing the development of responsible AI and ML, Borealis AI developed RESPECT AI, an online hub that brings open-source research code, tutorials, academic research and lectures to the AI community, helping to make ethical AI available to all. For more information please see: www.borealisai.com.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank
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