RBC launches AI-powered budgeting tool

Nomi Budgets is the latest service aimed at helping users more confidently manage their finances.

RBC has released another tool within its Nomi-branded suite of AI-powered services, this time giving clients a personalized budget based on their spending data.

Available through the RBC mobile app, Nomi Budgets uses AI to analyze a user’s spending patterns, as well as categorize transactions into one of five categories: entertainment, shopping, cash withdrawals, transportation and dining. It will recommend a budget based on spending history as well as increases in each category, serving notifications when a user reaches different levels of their budget. Users can also manually adjust the recommended budgets as they see fit.

Nomi Budgets is the latest tool released under what is becoming a suite of AI-powered services accessible through RBC’s mobile app. The bank launched Nomi in 2017 with a “Find and Save” tool that used AI to analyze client spending and identify money that could be put into savings (and automatically making the transfer), as well as an insights tool the provides personalized insights into a client’s spending, provides relevant financial advice and send alerts when it notices unexpected spikes in spending.

Peter Tilton, SVP of digital at RBC, said there is client demand for tools and support to manage day-to-day finances, and using the capabilities of AI to provide deeper insights helped give them more financial confidence.

These types of services have been a focus for RBC in recent brand messaging. A campaign from the fall showcased a number of different ways the bank provides personalized advice and savings tools, coming at a time when financial anxiety among Canadians continues to rise.