Royal Bank of Canada's mobile banking app is using artificial intelligence to automatically categorise user spending trends and offer tips on better money management.
Nomi Budgets uses AI to proactively analyse a customer’s spending history, recommend an appropriate budget and send timely updates to help keep them on track.
The feature - part of the main RBC app - eliminates the need for people to classify transactions, scan any receipts or monitor each spend as it does all of the hard work automatically.
Nomi Budgets recommends a personalised, 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. To help keep clients on track, the app sends notifications when they reach 50%, 75% and 100% of their budget.
Rami Thabet, VP, digital product at RBC, says: “The advancements that we’ve made in AI technology enable our customers to receive financial insights, savings and personalised budgets with ease, and we’re quickly seeing the value that these solutions provide to so many people.”
Previous iterations of the Nomi family include personal financial insights and a find and save feature which sets aside unused funds as savings. As of February 2019, Nomi Find & Save clients have saved more than $83 million, says Thabet, with active users saving an average of $180 per month.
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