Creating and sticking to a budget is key to financial success, but it can also result in feelings of stress and anxiety for many Canadians.
To bring ease and convenience to managing finances and developing budgets, RBC has launched NOMI Budgets, a new solution available through the RBC Mobile app.
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.
“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,” said Peter Tilton, Senior Vice-President, Digital at RBC.
“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.”
Powered by NOMI Insights, NOMI Budgets will recommend a personalized, monthly budget in one of five key areas – Entertainment, Shopping, Cash Withdrawals, Transportation and Dining – based on noticing an increase in spend over the last month, compared to previous months.
Clients can easily adjust the recommended budgets should they wish to make changes. To help keep clients on track, NOMI Budgets will notify them when they reach 50%, 75% and 100% of their budget.