RBC Launches Canada’s First AI-powered Personalized Budget Solution

Building on the success of NOMI Insights and NOMI Find & Save, RBC has added another AI-powered money management solution to their award-winning mobile app with NOMI Budgets. Eliminating the need for customers to classify transactions, scan receipts, or monitor their own spending, NOMI Budgets recommends monthly budgets in five categories – Entertainment, Shopping, Cash Withdrawals, Transportation and Dining– and automatically tracks spending in those key areas. A first-of-its-kind in Canada, NOMI Budgets uses artificial intelligence (AI) to proactively analyze a customer’s spending history, recommend an appropriate budget and send timely updates to help keep them on track in a seamless and convenient way.

NOMI Budgets is the newest addition to the NOMI family, which blends AI and client data with a highly personal touch to identify trends, unusual activity and potential savings opportunities:

  • NOMI Insights: Provides personalized financial insights, timely tips and advice to help with day-to-day finances.
  • NOMI Find & Save: Proactively analyzes spending behaviours to find extra money that won’t be missed, and automatically sets it aside as savings. As of February 2019, NOMI Find & Save clients have saved more than $83 million, with active users saving an average of $180 per month.

According to Peter Tilton, Senior Vice-President, Digital at RBC, ”We know that so many of our clients look for helpful tools and support when it comes to budgeting and managing their day-to-day finances. NOMI Budgets is the latest of our personalized digital capabilities that, using the power of AI, provides our clients with deeper insights that can increase their financial confidence.”

See the full press release here.