Royal Bank of Canada is adding in-app personalized insights on business owners’ cash flow to improve their expense tracking and analysis capabilities. The technology was developed by conversational AI company Personetics.

Rami Thabet, vice president of digital products at RBC, said the product will help create lifelong customers tied to the brand. 

Personalized insights and analysis offered through the bank’s digital banking platform are differentiators as they compete against online lenders. Other banks are pursuing similar product rollouts. For example, earlier this year, Bank of America rolled out its Business Advantage 360 cash management tool, which provides cash flow analysis capabilities. Like Bank of America, RBC is rolling out digital offerings for business customers while still promoting in-person consultations with branch bankers.

The AI-based insights tool is called NOMI Insights, which pulls from small businesses’ transactional data to give customers an in-depth view of their spending patterns. RBC looks at spending data from corporate cards and digital payments, as well as accounting data from online banking. For small business owners who are also retail banking customers, customers can toggle between the small business and the retail interfaces on the home screen of RBC’s online banking app and website.  

See also: Adoption of digital banking jumps at RBC

NOMI Insights for Small Businesses is RBC’s latest effort to provide a more personalized banking experience for its corporate clients. RBC launched NOMI Insights for its retail customer base two years ago.

NOMI Insights is part of an expanding digital banking product suite for businesses, which includes digital payments that resemble the Bank of America’s Zelle for small business offering which was launched in June. The digital payments tool allows clients to see outstanding owed payments and send a follow-up messages.

Alenka Grealish, senior analyst of corporate banking at Celent, told Bank Innovation NOMI Insights is a means of differentiating from a growing number of competitive offerings from banks and startups. “The key is not only providing small businesses with data, but presenting it in a digestible format,” she said.