The implementation of AI into the financial world has been a long time coming, and now it’s practicality is garnering awards for those banks that roll it out in the most efficient ways.
RBC has won two Model bank Awards from Celent recognizing the bank’s NOMI Insights and NOMI Find & Save platforms, as well as their digital employee activation strategy. Celent is a financial services research firm that looks at banks around the globe and gives out awards based on innovation, security, customer experience and more.
“We’re honoured to receive this dual recognition from Celent,” said Peter Tilton, SVP of digital at RBC. “Our clients are adopting mobile at an incredible rate, and now engage with us more through the RBC Mobile App than any other channel. Initiatives like NOMI and our digital employee activation strategy are helping us deliver the seamless and delightfully simple digital experience our clients want.”
The NOMI platforms won in the Personal Financial Experience category for its integration of AI to help each mobile client of RBC. NOMI Insights delivers financial outlooks to over 3.4 million RBC mobile clients, making it the most used money management platform in Canada. To date, RBC says clients have engaged with over 126 million financial insights.
NOMI Find & Save is an automated saving solution that uses AI to show clients the money they could potentially save in their normal cash flow. Together, the two NOMI offerings represent the first North American foray into mass-scale AI services by a bank.
“We’re investing in emerging technology like predictive analytics to better understand our clients,” said Neil McLaughlin, group head of personal and commercial banking at RBC when NOMI first launched. “We’re one of the leading voices on artificial intelligence in Canada, and these new digital capabilities are examples of how our clients are benefitting from our advancements in AI.”
RBC also took home an Employee Productivity award for their digital activation strategy. Launched in 2015, the initiative was designed to help employees who interact directly with clients to become more knowledgeable of digital offerings. The three-part onboarding process included a dynamic approach to learning and developing digital skills; a gamified learning platform; and a network of mentors who could help employees become digital advocates.
This employee policy was supported by three platforms—RBC Digital Learn, RBC Digital Demo and RBC Demo—all built by Horizn, a Toronto software company. The successful rollout of these platforms helped employees better understand the NOMI platforms and inform customers about the power of AI and also more-than-likely contributed to RBC’s spot as one of the best companies to work for in Canada.
RBC is the largest bank in Canada and their mobile app, featuring the NOMI platforms, was ranked as the best mobile banking app in Canada for 2017.