Can Artificial Intelligence Help You Save More Money?

I’m the first person who would tell you that taking an active role in your finances is important—tracking your spending, finding new ways to save, all that jazz. Because hey, it is important!

But it’s also time consuming, and you’ve got a lot of other stuff going on.

I get that, personal finance nerds aside, most of us would rather play with the dog, knock out some meal prep, share a drink with a friend, or basically do anything else besides update our budget spreadsheets.

Which is normal and fine—but the benefits of tracking your spending, not to mention finding extra money you can save towards your goals, are pretty great.

So… what if you could get those benefits, without doing the hard parts?

What if you could outsource it to computers?

Well, thanks to RBC, you can. Here’s how.

Introducing NOMI Insights™ and NOMI Find & Save—your personal AI money assistant

RBC is the first bank in North America to help you track your spending and fast-track your savings using artificial intelligence—so you can get all of the benefits of the admittedly time-consuming manual tracking, without any of the actual time.

I know, it’s the future.

Specifically, NOMI Insights and NOMI Find & Save are available to all RBC clients now. These two new services are based on artificial intelligence (AI) and offer actual insights about your money and how you use it, and a fully-automated savings solution to boot. It uses predictive technology to figure out your cash flow, and identify money that can be automatically saved without totally tanking your budget (or your upcoming bills).

So what does this mean for you?

Basically, NOMI handles a lot of the things that I always tell people to do manually, like track your spending to notice patterns, and finding ways to save money that you wouldn’t even miss that much.

See, my way is incredibly time consuming, and to be honest, I’m into it—but I know that not everyone is, and I know the benefits are massive.

That’s why artificial intelligence, and NOMI in particular, is so helpful.

It takes all the time you would spend on analyzing your spending, and outsources it to a computer brain (not the scientific term, apparently) so that your brain can spend more time indulging in lattes, and less time figuring out how to afford them.


Plus, it’ll do the hardest part for you

When I was saving up for our house down payment, every two weeks I’d look at my bank account to figure out how much “extra” I could squeeze out of my regular account and into my down payment savings account.

Sometimes—and I’m not even joking—it was less than $10. But those small extra contributions really added up, and helped me hit my aggressive savings goal and buy a house.

Here’s the thing: I was probably way off when it came to figuring out how much money I could actually afford to squirrel away. Some of those $10 contributions probably could have been $15… or $50.

I just wasn’t sure enough to make the call.

Now, with NOMI Find & Save, you get all the same benefits (faster saving for your big goals, with money you can afford to sock away) without the second guessing, hard work, or awkward over-saving.

No one wants to be all jazzed to save more money, just to take it back out of savings when you have a bill hit two days later, you know? That’s not a fun moment for anyone—and NOMI will make sure that it doesn’t happen to you by never saving more than you can afford.

NOMI uses the data in your account to figure out how much you can save, and transfers that money into a dedicated savings account every few days. That way, even if you never open your account or a spreadsheet, you’re still saving as much as you can towards that thing you want—whether it’s a house or a vacation.

So why would you use anything else?

If a lot of these concepts sound familiar, it’s because you’ve probably heard them pitched to you as a hot new finance app that will automatically track your spending, or automatically save more money for you. But unlike using a separate app, all of the goodness of NOMI happens directly within your RBC account, and through the RBC Mobile app.

All of the trust of your regular, day-to-day bank account, all of the benefits of hot new AI technology? Sounds pretty win-win to me.

This post is sponsored by RBC. All expressed opinions and experiences are my own words.