February 4, 2019
Webinar Highlights: Empowered to save more, happy customers fuel RBC’s growth
For the January session of our 2019 Self-Driving Finance™ webinar series, we were joined by representatives from Celent and the Royal Bank of Canada to examine the success and lessons learned from NOMI Insights™ and NOMI Find & Save™, the Celent Model Bank Award-winning AI-powered solutions that RBC implemented to empower their customers and make savings effortless.
Using AI-powered predictive analytics to identify individual behavior and spending patterns, NOMI Insights provide personalized, timely and relevant tips to help customers manage and control their day-to-day finances. NOMI Find & Save helps customers save more by safely and effortlessly moving available money from checking to a savings account based on real-time analysis of their personal cash flow.
Our conversation looked at how NOMI meets the needs of both the customer and the bank, answering these questions and more:
Why did RBC build NOMI?
With a name inspired by a play on words, NOMI (“know me”) was key to the goal of connecting with customers on a more meaningful level. According to Rami Thabet, RBC’s VP of Mobile & Digital Money Management, “One of the things we’ve always strived for when we created the North Star for the program is to know and provide insights to clients that demonstrate value and show that we have [their] best interests at heart.”
In a recent press release, Vinita Savani, Vice-President, GICs & Savings, RBC, said:
“Regular savings is challenging for many people – can I find anything extra to save and how much if I can?. We heard the challenges and developed NOMI Find & Save to do all the work for you. By proactively analyzing your spending and saving, NOMI finds extra money we think you won’t miss and automatically sets it aside for you in a savings account. Before you know it, you’ve saved enough to start daydreaming about what you will do with your ‘found money’…”
Why did Celent choose RBC as a Model Bank?
Pursuing a bold culture shift for the concept of customer experience, Bob Meara, Senior Banking Analyst for Celent said “RBC established value through a very unique personal experience delivered through its mobile banking platform. It wasn’t a separate app, customers didn’t have to request it, it just happened. The value was delivered in real-time, based uniquely for each user according to how they interact with the app.”
How is RBC closing the Trust Gap with customers?
While the far majority of customers trust their banks for transactional financial services like moving their money and keeping it safe, less than half of them believe that advisory services provided by their bank are competent and unbiased, exemplifying the significant Trust Gap that exists in retail financial services.
By taking a proactive approach to meeting customer needs, and pursuing win-win interactions and engagement, instead of just selling attempting to sell products.
How has NOMI affected user engagement?
How has NOMI helped RBC grow while helping customers save?
According to Thabet, NOMI Find & Save is on track to become RBC’s top net new savings account open product. It has been a great success in helping customers that had a hard time saving money on their own. As many as 20% of Find & Save accounts are new to RBC Savings, and users are saving over $180 per month on average.
What are the keys to success for banks?
Banks that can drive meaningful engagement with their customers in a way that proves that they care about their financial well-being will be able to inspire their customers to take action to pursue their own financial success, while at the same time increasing customer satisfaction and loyalty to the bank.
“When we explain to banks the concept of Self-Driving Finance™,” according to David Sosna, Personetics CEO, “we always talk to them about the need to create a sustainable win-win relationship between the customer and the bank. They have to win the customer’s trust if they want to impact behavior.”
Check out the highlight reel below, and then, for deeper insights into these questions and more, watch the webinar replay on- demand now.