Tech roundup: BMO clients can build their own financial plan in Conquest Planning

BMO has launched a client-facing financial planning portal, My Financial Progress, based on Conquest Planning’s software, the bank announced recently.

The platform is available on BMO’s app and online banking website.

“Most people don’t want to do financial planning, and they don’t want to do budgeting either, so this is something that gives them really foundational pieces,” said Gayle Ramsay, head of everyday banking at BMO.

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.

My Financial Progress syncs clients’ 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.

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.

RBC joins MIT fintech research, and announces AI model

RBC has joined the Massachusetts Institute of Technology’s Computer Science and Artificial Intelligence Laboratory (MIT CSAIL) fintech and AI research initiative.

The bank’s three-year membership gives it access to CSAIL’s graduate students for recruitment, as well as technical briefings and educational workshops, according to a release.

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.

Separately, RBC announced that several of the bank’s products and services use its Asynchronous Temporal Model, an AI system that provides banking insights.

Developed by RBC Borealis — the bank’s in-house research institute — and trained on billions of client transactions, the AI model is part of Lumina, RBC’s data platform. Lumina collects information from all of the bank’s lines of business and can process up to 10 billion transactions per minute.

RBC said all of its AI applications meet regulatory requirements and that client data never leaves the bank’s control.

Online insurance sales platform underwritten by Humania

Toronto-based third-party life insurance administrator Oneday has launched an online life insurance sales platform, it said in a release.

The life insurance policies are underwritten by Saint-Hyacinthe, Que., carrier Humania, which also underwrites policies for Emma, another Canadian third-party administrator.

Oneday offers simplified-issue life insurance that require no medical exams and promises decisions in 24 hours based on one questionnaire.

RBC Wealth Management uses and invests in d1g1t

RBC Wealth Management has begun using Toronto-based wealth tech firm d1g1t’s performance and risk analytics software, d1g1t announced recently.

The platform includes performance reporting, client portal access, portfolio management and billing tools.

RBC has also made an investment in d1g1t, though terms of the deal were not disclosed. The firm said it will use the funds to expand its team and increase adoption of its platform in Canada and the U.S.

Financial services firm partners with Microsoft

Global financial services firm FNZ has entered a five-year partnership with Microsoft to develop AI applications for the financial sector, the company announced last week.

FNZ has integrated Microsoft’s Azure AI into its platform, which is used by approximately 650 financial institutions managing nearly US$2 trillion in assets.

Microsoft’s AI technology allows FNZ’s platform to deliver more personalized user experiences, analyze large data sets and develop tools for risk management and compliance. Microsoft 365 Copilot will also be used in FNZ’s middle- and back-office operations.