RBC has launched a new artificial intelligence-powered budgeting solution called Nomi Budgets in its mobile app.
Now, RBC Mobile customers will be given recommended budgets and timely updates based on their spending history.
Using AI, Nomi Budgets will sort spending into one of five categories: Entertainment, Transportation, Dining, Shopping and Cash Withdrawals. The app will then give a recommended budget whenever it notices increased monthly spending in one particular category. Users can adjust the recommended budget as they see fit.
Nomi Budgets will notify users once when they reach 50 percent, 75 percent and 100 percent of their budget.
RBC says this is the “first-of-its-kind” AI budgeting tool in Canada.
“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, in a press statement “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.”