Canada’s largest lender has harnessed the power of artificial intelligence (AI) to help customers keep track of their household budget.
In a Canadian first, RBC’s NOMI Budgets is available through the bank’s mobile app and uses AI to proactively analyze spending and recommend an appropriate budget.
The tool could be useful for those currently struggling to control their budget while saving for a down payment or finding it hard to maintain their mortgage payments.
“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.”
The tool will let users know then they have increased spending in particular areas - Entertainment, Shopping, Cash Withdrawals, Transportation and Dining – and will recommend a budget. It will then notify users when they reach 50%, 75%, and 100% of their budget.
“Our NOMI capabilities have been developed to help our clients manage and be more mindful of their finances,” said Rami Thabet, Vice-President, Digital Product at RBC. “The advancements that we’ve made in AI technology enable our customers to receive financial insights, savings and personalized budgets with ease, and we’re quickly seeing the value that these solutions provide to so many people.”