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RBC adds budgeting service to app

RBC has added a new feature called “Nomi Budgets” to its mobile application that offers users personalized budgets based on their spending. According to the bank, the artificial intelligence-based service is the first of its kind in Canada. It will offer monthly budgets in one of five areas: entertainment, shopping, cash withdrawals, transportation and dining. The program will notify users 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 of digital products 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.”

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