Clients can use NOMI Budgets to
automatically analyze their spending
and recommend personalized budgets
TORONTO, April 25, 2019 /CNW/ - 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.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 84,000+ employees who bring our vision, values and strategy to
life so we can help our clients thrive and communities prosper. As
Canada's biggest bank, and one of
the largest in the world based on market capitalization, we have a
diversified business model with a focus on innovation and providing
exceptional experiences to our 16 million clients in Canada, the U.S. and 33 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-sustainability.
SOURCE RBC Royal Bank