\u201cMost people don\u2019t want to do financial planning, and they don\u2019t want to do budgeting either, so this is something that gives them really foundational pieces,\u201d said Gayle Ramsay, head of everyday banking at BMO.<\/p>\n
Instead of releasing a simplified version of Conquest to clients, BMO chose the holistic version, allowing clients to create personalized goals with different time horizons and generate tailored financial strategies to reach those goals. The tool also provides nudges and suggestions to help clients stay on track.<\/p>\n
My Financial Progress syncs clients\u2019 BMO accounts with the platform so strategies update in real time based on their assets. Clients can also click a link to book an appointment with an advisor.<\/p>\n
Some clients like to know what they need to work on before meeting with a financial advisor, and My Financial Progress helps them prepare for a more complex conversation, Ramsay said.<\/p>\n
RBC joins MIT fintech research, and announces AI model<\/p>\n
RBC has joined the Massachusetts Institute of Technology\u2019s Computer Science and Artificial Intelligence Laboratory (MIT CSAIL) fintech and AI research initiative.<\/p>\n
The bank\u2019s three-year membership gives it access to CSAIL\u2019s graduate students for recruitment, as well as technical briefings and educational workshops, according to a release.<\/p>\n
The partnership also includes early access to research on machine learning, predictive analytics, secure computation, cybersecurity and financial applications of data science. RBC and CSAIL will collaborate on research into LLM safety, bias mitigation and financial crime prevention.<\/p>\n
Separately, RBC announced that several of the bank\u2019s products and services use its Asynchronous Temporal Model, an AI system that provides banking insights.<\/p>\n
Developed by RBC Borealis \u2014 the bank\u2019s in-house research institute \u2014 and trained on billions of client transactions, the AI model is part of Lumina, RBC\u2019s data platform. Lumina collects information from all of the bank\u2019s lines of business and can process up to 10 billion transactions per minute.<\/p>\n
RBC said all of its AI applications meet regulatory requirements and that client data never leaves the bank\u2019s control.<\/p>\n
Online insurance sales platform underwritten by Humania<\/p>\n
Toronto-based third-party life insurance administrator Oneday has launched an online life insurance sales platform, it said in a release.<\/p>\n