RBC announced on April 25 NOMI Budgets, a new solution available through the RBC Mobile app that uses artificial intelligence.
NOMI analyzes a client's spending history, recommends a budget and sends updates to help the user stay on track, says the bank.
"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."
NOMI 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, explains RBC. Clients can adjust the recommended budgets should they wish to make changes. 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."