Give Me Back My Five Bucks

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.

There are two products that RBC has made available to all clients this month:

NOMI Insights

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.


Comments

  1. Wow that sounds like such a cool tool. I haven’t used it yet, but it seems to offer lots of useful money saving tips and reminders.

    It’s great that you use spreadsheets to keep track of your finances. I use Excel to keep track of my food expenses too. :D

  2. Jess says:

    I continue to be disappointed in the amount of sponsored posts you do.

    • Krystal Yee says:

      Hi Jess – thanks for your feedback. I’ve only done 5 sponsored posts this year, which I don’t think is that many at all. I try really hard to limit the amount of sponsored posts I do, and only accept ones that I feel fit my blog readership, and are of interest to me personally. I didn’t know a thing about NOMI before I was approached by RBC and think it’s an incredibly innovative product. I hope that one day, artificial intelligence is more widespread within the personal finance industry, because it’s so fascinating!

  3. NZ Muse says:

    Bring it on I say! I hate spreadsheets, and my partner even more so – this is the kind of thing he’d love.

  4. Stacey P says:

    I think this is so cool! I’m not an RBC customer so would love to see artificial intelligence used in a stand alone app separate from actually banks so everyone can use it.

  5. Kevin says:

    Interesting. I think I heard that TD offers something similar to this…might be worth checking out.

Leave a Reply

Buy the Book!

A beginner's guide for Canadians looking to get their financial life in order. Get great info on budgeting and saving, RRSP's and pensions, investing types, insurance, and where to go for additional resources.

Recent Tweets

Instagram

  • We decided to check out pivanewwest this evening  thehellip
  • We took Zoey to pawspetcentre this morning to get ahellip
  • Yep 2017 was a pretty good year! 1 Summited thehellip
  • Loving this gorgeous Christmas tree at the vanartgallery!
  • Current mood
  • What an amazing weekend at the Canadian Personal Finance Conference!hellip
  • Games and pizza just might be the perfect way tohellip
  • Fanciest avocado toast Ive ever had! Nice catchup lunch todayhellip

© 2017. Give Me Back My Five Bucks. All rights reserved. Powered by WordPress & Designed by Mike Smith