RBC rolls out spending forecasting tool

RBC rolls out spending forecasting tool

News
September 23, 2021 by J.D. Smith
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Royal Bank of Canada has added a forecasting feature to its artificial intelligence-powered budgeting tool, Nomi. Nomi Forecast shows users what pre-authorised payments are coming due over a seven-day period, helping them to manage their cash flow—accounting for things like mortgage, loan and subscription service payments. The feature taps technology from RBC’s research unit Borealis
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Royal Bank of Canada has added a forecasting feature to its artificial intelligence-powered budgeting tool, Nomi.

Nomi Forecast shows users what pre-authorised payments are coming due over a seven-day period, helping them to manage their cash flow—accounting for things like mortgage, loan and subscription service payments.

The feature taps technology from RBC’s research unit Borealis AI – the first time the tech has been used for a retail banking offering.

It joins other Nomi features, such as Insights, for analysing monthly cash flow, Find and Save, which puts aside spare money, and Budgets, which offers budgeting recommendations.

“The Nomi platform has been incredibly successful, and by applying deep learning techniques, we’ve built out next generation features that will elevate the offering for clients,” says Kathryn Hume, interim lead, Borealis AI.

Meanwhile, the Canadian bank has added 2-step verification to its mobile app. Customers assign their mobile phone as their primary access channel and then, when they log into their account from another device, they receive a prompt within the app to verify the session by pressing a button.

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