Money. We all have to make it, save it, spend it, and budget it — And frankly, we could all use a little more of it, but getting to where we want to be financially isn’t always easy. Luckily RBC’s NOMI wants to help you manage your money.
A recent survey from the Canadian Payroll Association shows 48% of Canadians live paycheque to paycheque. Saving and budgeting finances is universal and relatable for anyone entering adulthood; however, it can seem daunting at times.
Between keeping track of your spending habits, building (and sticking to) a budget and all the financial jargon and trends in between, it can be difficult navigating where to start. Whether Canadians are looking to save more, reduce debt or simply stay on top of their finances, they now have access to more digital solutions and insights than ever before. With such quantity existing in the digital age of banking, it’s important to identify the quality. RBC is a leader in the space, offering new digital innovations to clients.
NOMI, available in the RBC Mobile app, offers the first money management capabilities enabled by artificial intelligence in North America. NOMI helps make with saving and managing everyday finances easier than ever.
Here are 3 ways that NOMI can help improve your financial well-being:
1. Stay on top of your finances with personal insights
NOMI Insights gives personalized trends, timely alerts and categorized spending based on your own spending and saving habits. NOMI Insights also helps keep your money safe by alerting you of any unusual activity.
2. Reach your savings goals faster
NOMI Find & Save uses predictive technology to help you save money without even thinking about it. It learns your transaction patterns, finds those extra dollars that you won’t miss and sets them aside automatically. The average net savings for Canadian households was $852 in 2018, according to Statistics Canada, which breaks down to approximately $71/month. In comparison, the average NOMI Find & Save client saves about $187 per month. In a year, that’s $2,244 that could be put towards debt, savings or your next trip or big purchase.
3. Create better budgets with ease
NOMI Budgets helps you manage your money by taking the thinking – and the manual calculator work out of setting up a budget. Based on your spending habits, it recommends a personalized monthly budget. It also zeroes in on five categories; transportation, shopping, dining, entertainment, and cash withdrawals. To help keep you on track, NOMI Budgets notifies you when you reach 50%, 75% and 100% of your budget.
To learn more about NOMI, please visit https://www.rbcroyalbank.com/mobile/feature/nomi/index.html.
For more information about the RBC Mobile app, please visit www.rbcroyalbank.com/mobile.