New RBC app analyzes consumer spending habits

Toronto-based Royal Bank of Canada (RBC) has launched a consumer-facing app that uses artificial intelligence (AI) to analyze spending habits and make budgeting recommendations, the bank announced Thursday.

NOMI Budgets is available through the RBC app. It “eliminates the need for people to classify transactions, scan any receipts or monitor each spend,” RBC said in a news release.

Based on data collected through the RBC mobile app’s NOMI Insights feature, NOMI Budgets makes personalized monthly budget recommendations in five areas: entertainment, shopping, cash withdrawals, transportation and dining, the bank said. It sends push notifications when a customer has reached 50%, 75% and 100% of her budget.

“Our NOMI capabilities have been developed to help our clients manage and be more mindful of their finances,” Rami Thabet, vice president, digital product, said in a news release. NOMI Budgets complements RBC’s existing AI-powered mobile banking tools, the bank said.

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