RBC introduces new digital tools to give clients more trust and confidence in managing their money, every day
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
"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
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
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.
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.