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

 As more and more Canadians choose to bank digitally, RBC is proud to announce two industry leading capabilities 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 AI^TM, 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.