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 behavior 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 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.”