Fast track your savings using artificial intelligence
Note: this post is sponsored by RBC, but the views and opinions expressed are my own.
I think it will come as no surprise to you that I spend a lot of time analyzing and creating budgets, planning for my future, and trying to figure out the best way to spend and save my money. :) I have multiple spreadsheets that I manage manually, and while I actually do really enjoy this type of work, I have often found myself wondering if there was a better way. I’ve tried so many apps and software over the years, but end up coming back to my spreadsheets because they are personalized to me and what I want to see.
This is why I was so interested to learn more about RBC’s new programs called NOMI Insights and NOMI Find and Save. They are the first bank in North America to use artificial intelligence to automatically track spending and fast track your savings.
Not only is the user interface really attractive and easy to understand, but you can also get real, actual insights about your finances (without having to dig out the data yourself). There is a fully automated savings solution that goes above spreadsheet budgeting and spending categories – it uses predictive technology to help you save money based on your current spending habits. IT LEARNS HOW YOU SPEND YOUR MONEY and adjusts based on that information. I honestly can’t think of anything cooler in the financial space right now.
This program will help you stay on top of your day-to-day finances by giving you timely tips and advice. It will also track your spending, plan for upcoming expenses, and give you a heads up when needed about upcoming bills. I can see how this could help you reach your goals sooner by making you more aware of your finances, and I think would be a great addition to anyone’s financial management tool belt, but especially useful for those who don’t currently track anything, or for those who have good intentions, but life just gets in the way and they end up falling behind.
NOMI Find & Save
This is what I’m most curious about. NOMI Find & Save uses predictive technology to find amounts of money that clients can spare. It’s a completely personalized savings tool that learns your spending behaviours and looks for pockets of money in your cash flow to automatically move over into a savings account. It will never set aside more savings than you can afford, and you can even receive push notifications alerting you every time money is saved!
Personally, I’m really curious to see how these programs work, and what this will mean for the future of daily banking in Canada. I’m someone who loves data of all kinds (I’m just as obsessed with analyzing my FitBit data as I am with financial data). It’s something I think is fun and interesting, and to have a financial tool that can learn my spending behaviour and potentially help me save more money? That’s something to get excited about.
What are your thoughts on artificial intelligence entering the personal banking world?
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.