Royal Bank of Canada has introduced a forecasting feature to its AI-driven budgeting tool, Nomi.
The Nomi Forecast provides users with insights into upcoming pre-authorised payments over a seven-day period, which aids in managing cash flow by accounting for obligations such as mortgage, loan, and subscription service payments. This feature utilizes technology from RBC’s research unit, Borealis AI, marking the first instance of this technology being applied to a retail banking service.
Nomi also includes various other features: Insights for analyzing monthly cash flow, Find and Save to set aside extra money, and Budgets for offering budgeting recommendations. “The Nomi platform has been incredibly successful, and by applying deep learning techniques, we’ve developed next-generation features that will enhance the offering for clients,” states Kathryn Hume, interim lead at Borealis AI.
In addition, the Canadian bank has implemented 2-step verification for its mobile app. Customers can designate their mobile phone as the primary access device, and when accessing their account from another device, they receive a prompt within the app to verify the session by pressing a button.