NOMI Forecast will give clients a seven-day
future view of preauthorized payments to better
manage their cash flow, while 2-step authentication gives added
security when banking digitally
TORONTO, Sept. 23, 2021 /CNW/ - 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.
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 88,000+ 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.
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
AITM, 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.
SOURCE RBC Royal Bank