Prepared for nigel s. | Delivered October 23, 2019
Artificial Intelligence Implementation
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To obtain 2-3 case studies that outline the successes or failures of artificial intelligence (AI) implementations in Canadian banks.
Royal Bank of Canada
(RBC) implemented an AI-driven virtual assistant known as
This virtual assistant responds to
and questions. It also identifies funds in the cash flow of RBC customers that can be
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
customers. NOMI has contributed to a major increase in the mobile app's use; from
weekly, the app is now used
weekly on average.
Royal Bank of Canada's AI-driven technology has also increased the opening of savings accounts by