As more and more Canadians choose to bank digitally, RBC is proud to announce two industry leading capabilties that will give clients more confidence in managing their money and enhanced security when banking digitally. NOMI Forecast is the latest capability in RBC’s award-winning NOMI offering. It gives clients a view into their future cash flow by forecasting upcoming preauthorized payment withdrawals from their deposit account. Meanwhile, 2-Step Verification is RBC’s newest security feature within the RBC Mobile app providing added protection when clients access their accounts.
“At a time when Canadians are more conscious than ever of their daily finances, and banking digitally more frequently, they expect solutions that help them confidently manage their money and safeguard their accounts and information,” says Peter Tilton, SVP Digital, RBC. “With NOMI Forecast, we’re giving clients next generation cash flow advice and insights to take the stress out of balancing their accounts. Equally important, 2-Step Verification will work to provide clients added peace of mind as they navigate this rapidly evolving digital banking landscape.”
Leveraging Artificial Intelligence for forecasting, the next generation of digital advice
Even though it’s easier than ever to manage personal finances online, it can also be stressful tracking when bills will be paid, the amount due, and how that impacts future cash flow. NOMI Forecast shows clients what pre-authorized payments are coming due over a seven-day period, giving clients a more holistic view of their account activity. Now, with forecasting, they will be able to more confidently manage their cash flow—accounting for upcoming and regular obligations like mortgage, loan and subscription service payments.
NOMI Forecast is also the first time Borealis’ AI technology is being integrated into a retail banking offering, setting the stage for RBC to deliver next generation advice to clients. Prior to this, RBC and Borealis AI announced the launch of Aiden, an award-winning AI-based electronic trading platform that uses the computational power of deep reinforcement learning in its pursuit of improved trading results and insights for clients.
“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 Head, Borealis AI. “We are proud of this important collaboration with our digital team, and look forward to bringing continued value to clients through the practical application of AI.”
Enhanced security, more peace of mind
The latest security feature from RBC adds new safeguards around identification and authentication to further protect some of our clients’ most personal information. It also comes at a time when clients have more options than ever to access their accounts digitally.
Embedded directly within RBC’s Mobile App, 2-Step Verification enables clients to assign their mobile device as the primary access channel for their accounts. When they log into their account from another device, they will receive a prompt within the app to verify the session. Included in that notification is the date and time of the login attempt.
Because the verification process is done within the app, clients do not need a security code delivered via email or text message. Instead, they simply press a single button to proceed to banking, reducing the possibility of information compromise, or unauthorized access to their accounts. Meanwhile, clients will also be able to benefit from RBC’s industry-leading digital security tools like ID Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.
These two new, industry-leading digital capabilities are a demonstration of RBC’s continued commitment to add value, enhance security and create peace of mind for our clients as they manage their finances digitally.