Personetics Enables Canadian Bank to Deliver AI-powered Financial Guidance and Automated Savings

Personetics Cognitive Banking Applications Power New Rbc Digital Services That Help Clients Stay On Top Of Their Finances And Fast-Track Savings As Part Of The Mobile Banking Experience

Personetics Cognitive Banking applications will be used by Royal Bank of Canada (RBC) this fall to deliver two new services that provide AI-powered personalized financial guidance and an automated savings program through the bank’s award-winning mobile application.

AI-powered automation offers personalized, effortless savings

While most people would like to save more, meeting savings goals is a challenge many struggle with. Using the Personetics Cognitive Banking platform, RBC has launched a client pilot of NOMI Find & Save™, a new automated savings service aimed at helping clients boost their savings.

Based on predictive analysis of individual behavior and spending patterns, the Personetics solution enables RBC to provide clients with an effortless way to maximize savings, while ensuring that sufficient funds are available to cover future expenses.

Personalized insight and advice for day-to-day money management

A second service enabled by the Personetics Cognitive Banking platform currently in client pilot with RBC is NOMI Insights™. Embedded in the RBC mobile application, NOMI Insights™ provide personalized, timely and relevant tips to help customers manage and control their day-to-day finances.

Examples of insights delivered by the Personetics solution include:

• Provide insights into spending activity and patterns
• Identify unusual transactions which may require action
• Automatically issue reminders based on past activity
• Predict potential issues and prompts for action (e.g., future balance may be too low)

“We are excited to support these initiatives with Cognitive Banking applications within existing bank channels,” said David Sosna, Personetics’ Co-founder and CEO. “Combining advanced cognitive capabilities and financial domain knowledge, our solutions transform customer data streams into powerful personalized insights and actions that deliver immediate value to the customer.”

According to Celent’s Senior Vice President for Banking Dan Latimore, “AI-powered solutions enable financial institutions to elevate their relationships with customers to a new level by delivering personalized, contextual, and actionable financial guidance. Financial institutions that are looking to take advantage of these opportunities would be well-served by finding a trusted partner who can help them navigate their AI journey.”