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Research Outline

Prepared for nigel | Delivered October 23, 2019

Artificial Intelligence Implementation

Goals

To obtain 2-3 case studies that outline the successes or failures of artificial intelligence (AI) implementations in Canadian banks.

Early Findings

  • The Royal Bank of Canada (RBC) implemented an AI-driven virtual assistant known as NOMI.
  • This virtual assistant responds to customers’ requests and questions. It also identifies funds in the cash flow of RBC customers that can be moved automatically to a savings account.
  • RBC's artificial intelligence technology also alerts customers about any anomalies and unusual activities in their accounts. After identification, the virtual assistant proactively provides "personalized financial management insights and advice, including predicting future cash flow".
  • After NOMI was launched, the technology has provided 200 million insights into the bank’s customers.
  • Also, RBC's mobile app is now used by nearly 3.6 million customers. NOMI has contributed to a major increase in the mobile app's use; from 3 times weekly, the app is now used 5 times weekly on average.
  • Royal Bank of Canada's AI-driven technology has also increased the opening of savings accounts by 20%.