RBC uses AI in it's mobile app for budgeting

This is the year I'm really going to take hold of my finances.  Something I know that a lot of people say every year.  Myself included.  There's a lot of tools to help me with it, I just gotta do it.

Well, typically banks are the ones who see all your ins and outs, so they're the ones poised to have all the data to help you make the right decisions.  I know TD has a "MySpend" app - and now RBC has updated their mobile app (again).

This time it's introducing NOMI, an AI-powered budget feature which tracks your spending through your accounts and comes up with what it thinks would be an appropriate budget.

Pretty neat.  I'm not an RBC client, but it would be fun to see it in action.
Get it on Google Play

RBC First Bank in Canada to Launch a Personalized, AI-Powered Budget Solution Through
Award-Winning Mobile App

Clients can use NOMI Budgets to automatically analyze their spending and
recommend personalized budgets

TORONTO, April 25, 2019 – 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 launches NOMI Budgets, a new solution available through the RBC Mobile app. 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. 

“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.” 

How it Works:
While clients are busy living their lives, NOMI Budgets keeps an eye on their finances and tracks their spending habits. Providing a simple customer experience, this new feature eliminates the need for people to classify transactions, scan any receipts or monitor each spend as it does all of the hard work automatically. 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.

“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.”

RBC and Digital Innovation
NOMI blends AI and client data with a highly personal touch to identify trends, unusual activity and potential savings opportunities that help clients manage their day-to-day finances through the RBC Mobile app. NOMI Budgets is the newest addition to the NOMI family, which includes:

  • 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.

The RBC Mobile app is available for free download from the App Store on iPhone and iPad or at www.AppStore.com. For more information about the RBC Mobile app, please visit www.rbcroyalbank.com/mobile.