RBC Introduces NOMI Budgets
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 that uses 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. 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.” – SVP, Digital at RBC, Peter Tilton.
Here’s How It Works: NOMI Budgets keeps an eye on finances and tracks spending habits (no need to classify transactions, scan any receipts or monitor each spend). It later 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 adjust the recommended budgets and NOMI Budgets will notify them 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. 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.” – Vice-President, Digital Product at RBC, Rami Thabet.
Bottom Line: Active users save an average of $180 per month.