/security

News and resources on cyber and physical threats to banks and fintechs worldwide.

RBC rolls out spending forecasting tool

Royal Bank of Canada has added a forecasting feature to its artificial intelligence-powered budgeting tool, Nomi.

  5 Be the first to comment

RBC rolls out spending forecasting tool

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Nomi Forecast shows users what pre-authorised payments are coming due over a seven-day period, helping them to manage their cash flow—accounting for things like mortgage, loan and subscription service payments.

The feature taps technology from RBC's research unit Borealis AI - the first time the tech has been used for a retail banking offering.

It joins other Nomi features, such as Insights, for analysing monthly cash flow, Find and Save, which puts aside spare money, and Budgets, which offers budgeting recommendations.

“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 lead, Borealis AI.

Meanwhile, the Canadian bank has added 2-step verification to its mobile app. Customers assign their mobile phone as their primary access channel and then, when they log into their account from another device, they receive a prompt within the app to verify the session by pressing a button.

Sponsored [Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming Mandates

Comments: (0)

[Impact Study] 2024 Fraud Trends in Banking, Insurance, and BeyondFinextra Promoted[Impact Study] 2024 Fraud Trends in Banking, Insurance, and Beyond