- The Royal Bank of Canada (RBC) has deployed a cash flow forecasting function for its financial assistant NOMI.
- RBC could benefit from expanding its range of mobile digital money management services.
- Insider Intelligence publishes hundreds of banking industry research reports, charts, and forecasts. Learn more about how to become a customer.
The Royal Bank of Canada (RBC) has deployed a new feature for its AI-based mobile financial assistant, NOMI, which forecasts customer cash flow for seven days.
The feature, NOMI Forecast, provides cash flow information by predicting pre-authorized withdrawals scheduled on the account. RBC said the tool gives customers “a more holistic view of their account activity” and cited payments for mortgage loans and subscription services as uses.
NOMI Forecast will complement several mobile features that can give users more personalized control over their finances and security:
- Find and save NOMI: A special account and analysis tool which uses predictive technology to analyze customer transactions and find savings opportunities. The excess funds that the feature highlights are placed in the special account.
- NOMI budgets: This tool creates a personalized suggested budget for users, tracks five types of expenses, and uses a tracker to show clients how their finances are performing against their budgets.
- Two-step verification: When announcing its forecasting tool, RBC also said it offered app users a way to designate their mobile device as the primary means of accessing their accounts. If customers use other devices to access them, RBC will provide them with an in-app authentication process instead of requiring them to retrieve a security code from their emails or text messages.
RBC’s addition of cash flow forecasting fills a key gap in its range of mobile features and is expected to perform respectably with customers.
The ability for users to see a prediction of how upcoming expenses and bills will affect their balance was the fourth most requested money management feature in our Benchmarking of Emerging Mobile Banking Features in Canada 2021.
In the report, 16.7% of respondents rated it “extremely valuable” and 26.2% felt it would be “very valuable”. However, only two of the seven Canadian banks in the sample offered a cash flow function, suggesting that the unmet need is significant.
RBC could benefit from expanding its range of mobile digital money management services: it placed fourth in the category, even though it finished first overall. In contrast, BMO and TD Bank, which already had cash flow functions, ranked first and second for money management.
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