NOMI Insights & NOMI Find & Save

NOMI helps clients manage their day-to-day finances.

Innovation presentation

In late 2017, RBC introduced NOMI, a new feature for the RBC Mobile app. NOMI uses artificial intelligence to provide clients with personalized financial insights to help them with their day-to-day needs. NOMI Find & Save uses predictive technology to find amounts of money clients can spare and automatically saves that money. RBC was the first bank in Canada, and among a handful of banks globally, to offer AI-based capabilities like this.

We wanted to help clients manage their money easily and make savings effortless through a solution that would be available to all of our clients. By leveraging vast amounts of data and the power of AI, NOMI provides real-time insights into spending and saving. Our 3.3 million mobile clients make the RBC Mobile app Canada’s most used money management platform. Users have engaged with over a quarter of a billion financial insights in less than a year, and more than $20,000,000 has been saved automatically through Find & Save.

NOMI isn’t only helping our clients prosper – it’s deepening our relationship with mobile clients. Clients who click on an insight for more information are spending 100% more time in the RBC Mobile app when engaging with NOMI.

NOMI was an RBC achievement driven by the desire to help our clients prosper. The core project group was made up of 20 people, and it took more than 250 people across multiple IT groups, 6 business lines, and Quality Engineering to collaborate and deliver this initiative.

Uniqueness of the project

RBC is the first bank in Canada, and amongst a handful globally, to launch a new digital service based on artificial intelligence (AI) that offers actual insights about our client’s financial needs. RBC is also the first to launch a fully-automated AI based savings solution. NOMI Insights™ provide personalized, timely and relevant insights to help clients manage their day-to-day finances on the go through the RBC Mobile app, while NOMI Find & Save™ uses predictive technology to identify money in a client’s cash flow that can be automatically saved. Both of these capabilities use a client’s account activity to identify trends, unusual activity and potential savings opportunities.

In our journey to make banking delightfully simple and engaging, NOMI is only the latest of the conveniences we’ve added. In addition to NOMI, RBC has harnessed the power of conversational AI to allow clients to use their voice to send peer-to-peer payments and pay their bills.

The Reason Behind

We wanted to help clients manage their money easily and make savings effortless. Clients often don’t have a simple view of how and where they spend their money. Traditionally, those who wanted to better manage their money had to manually track their spending, setting up spreadsheets and budgets, costing them more time than they can spare. We wanted to find a simple solution for all clients, including those who just don’t have the time to routinely assess their own financial picture to help them feel in control of their finances. Simple solutions like NOMI Insights™ and NOMI Find & Save™ provide value in a seamless way, when, how and where it’s most convenient for our clients through the RBC Mobile app.

Results

Our 3.3 million plus mobile clients make the RBC Mobile app Canada’s most used money management platform. Users have engaged with over a quarter of a billion financial insights in less than a year, and more than $20,000,000 has been saved automatically through Find & Save.

NOMI isn’t only helping our clients prosper – it’s deepening the relationship with our mobile clients. We’ve found that when clients engage with NOMI they spend 100% more time in the RBC Mobile app, and visit 48% more pages in the RBC Mobile app.