Royal Bank of Canada launches budget tool

Royal Bank of Canada (RBC) has launched NOMI Budgets, a solution available on the bank’s app that uses artificial intelligence (AI) to analyse a customer’s spending history.

The feature recommends an appropriate budget and sends timely updates to help keep customers on track.

“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,” says Peter Tilton, senior vice president, digital at RBC. “NOMI Budgets is the latest of our personalised digital capabilities that, using the power of AI, provides our clients with deeper insights that can increase their financial confidence.”

The bank says that 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 personalised, monthly budget in five areas – Entertainment, Shopping, Cash Withdrawals, Transportation and Dining – based on noticing an increase in spend over the last month, compared to previous months.

NOMI Budgets will notify the customer when they reach 50%, 75% and 100% of their budget.

NOMI Budgets is the newest addition to the NOMI family, which includes NOMI Insights, providing personalised financial insights; and NOMI Find & Save, which analyses spending behaviours to find money to save.

Source: Press release