How banking apps are using predictive technology to make managing your finances and saving easier

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The start of the New Year often brings resolutions for better managing our financial health. But without a clear plan on how to actually grow savings and manage our money better, we tend to default to our day-to-day routine, where actively managing our finances falls to the wayside. 

Actively saving for the future isn’t something most people are doing, regardless of the time of year. In fact, living paycheck-to-paycheck is more common than you think. Whether we’re overindulging in retail therapy, leaning too heavily on credit cards, or not understanding the basics of good financial planning, our approach to saving could use a refresh. 

To help change this pattern, banks are using predictive technology to analyze your spending habits and provide insights to help you manage your money and save easily. RBC is the first bank in Canada to offer clients an AI-based digital service, called NOMI, through the RBC Mobile app.  

Simplify your financial planning

In 2018, our entertainment and shopping choices are often influenced by predictive technology. Banking is beginning to leverage this technology, too. Clients can save money simply and without effort by leveraging technology to find and save money. This is the genius of the NOMI Find & Save feature.

Named for its ability to “know me” and my financial habits, NOMI uses account activity to identify trends, unusual activity, and potential savings opportunities. Insights on everything from utilities (do you consistently forget to turn off the lights in your kitchen?) to when the streaming service is due for renewal are turned into tips.

By connecting past spending to future expenses, NOMI visualizes your spending habits and helps you plan ahead for a healthy financial future. Seeing spending habits in easy to understand visuals, your patterns become fact, not speculation. It’s hard to debate a takeout budget if hard numbers exist.  

Save time and money

When it comes to managing our finances and saving, it requires time, dedication and commitment. While NOMI helps keep customers on track, NOMI Find & Save helps you put money away.  NOMI finds money and saves it – automatically – making it easier for clients to achieve financial health.

NOMI allows you to manage your finances on the go. Making good decisions about spending and finding new ways to save doesn’t have to fall to the wayside this year. NOMI makes managing your personal finances one of the easier New Year’s resolutions to keep. 

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