November 8, 2018

BankAI 2018: RBC and Huntington National Bank make AI work for their customers

Bank AI featured image

As banking industry leaders gathered in Austin, TX for BankAI this past September, David Sosna hosted ‘Right-size AI for Your Bank,’ a panel featuring RBC and Huntington National Bank.

Watch highlights from the panel:

After a brief overview of the four pillars of Self-Driving Finance™ – Data, Insight, Advice, and Automation –  Sosna invited Rami Thabet, Vice President, Mobile & Digital Money Management at RBC and Kourtney Dewald, Senior Vice President, Customer Experience Innovation Director  at Huntington National Bank to share their take on customer-facing AI and how it can benefit banks and their customers.

Priding itself on being a customer-friendly institution, Huntington National Bank sought for new ways to engage with its customers while delivering tangible benefits. “We need to look out for people throughout their financial life moments, not just the big ones,” Dewald said. “We don’t need to just be there at retirement or when someone needs a loan for a house. How can we start building trust, being empathetic to our customers, being more human towards them?”

The benefits of AI-powered Self-Driving Finance through the Personetics Engage platform proved to be the solution. “We created Huntington Heads Up, which is really where life and money intersect and one of our very first ways of using AI to show people that we can help them throughout their financial journey.”

According to RBC’s Thabet, mobile app engagement has spiked thanks to the insights: NOMI users spend twice as much time in the RBC mobile app as non-users, and click through rates have tripled with them. “We felt that our path was really similar: provide insights and helpful tidbits of information that help Canadians live financially healthier lives.”

And RBC’s investment in AI has paid off for its customers. “Up to now, we have saved about $25 million for Canadians who had not previously had the ability to save. It has been a great client pleaser. Only .002 percent have opted to turn the service off. There are very few people that say I’m not getting value out of this,” Thabet concluded.

Watch the full panel now:

Related links:

RBC wins Model Bank Award for Personal Financial Experience

Self-Driving Finance™: Transform Banking from Transactional to Purposeful

Proactive Money Management: AI Power Gives PFM a Second Life

How Banks Use AI to Improve Customers’ Financial Lives