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This Canadian Banking Tool Forecasts Your Week's Expenses & Can Save You Serious Cash

Use it in the app wherever you are — at home or on the go.

Sponsored Content Contributing Writer, Studio
This Banking Tool Forecasts Your Week's Expenses & Can Save You Serious Cash

Since the onset of the pandemic, many Canadians have been paying more attention to what they spend and where they spend it on a daily basis. But monitoring your financial habits is easier said than done, so it's essential to have the right tools to help you stay on track.

Budgeting and managing your cash flow is super important when it comes to living your best adult life, but unfortunately, it's also one of the most difficult things to nail.

That's why RBC launched a new capability within its banking app that — along with the app's other capabilities — provides you with the insights and advice you need to manage your money. Get ready to save some serious coin.

The app's new NOMI ("know me") Forecast feature leverages AI technology to help you manage your cash flow by providing a rolling forecast for upcoming preauthorized withdrawals from your account within the next seven days.

NOMI Forecast predicts when your expected expenses are due (like rent, phone bills and student loan payments), which means you'll have visibility on upcoming financial obligations.

It can help you confidently manage your spending and avoid unnecessary expenses. Now you can have more control over your finances than ever.

The new tool complement's RBC's existing lineup of NOMI capabilities, like NOMI Find & Save, which uses predictive technology to find the money you won't miss and stores those extra dollars away in a special account you set up for safekeeping.

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According to RBC, clients using NOMI Find & Save have saved an average of $415 per month — or about $5,000 per year.

It will even automatically move money from your NOMI Find & Save account back to your normal account.

This is to cover any upcoming payments that are due to come out of your linked chequing account that you may not have enough funds for. Now you know you won't go into overdraft.

Finally, RBC clients can easily create a personalized budget — without touching a calculator or an overwhelming spreadsheet — through NOMI Budgets. It suggests a monthly budget for you based on your spending habits.

NOMI Budgets monitors five types of major spending — shopping, dining, transportation, entertainment and cash withdrawals — and keeps you updated with regular notifications to let you know if you're over, under or on track with your monthly goal.

Now when you go out for coffee with your friends, you can actually be present instead of feeling guilty about buying that cappuccino.

All of RBC's NOMI tools and features are available in the RBC app, which now also has an in-app authentication process, 2-Step Verification, to keep all of your transactions extra safe and secure.

Compared to regular two-factor authentication, 2-Step Verification is quicker and more convenient: it's done strictly in the RBC app — no more fetching security codes from emails or texts.

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This builds on other RBC safeguards to protect your most personal information in the digital space, like ID Verification, fraud monitoring, two-way fraud alerts and Card Lock, which allows you to lock your card immediately from the app if you've misplaced it.

Managing your money can be stressful. Know that RBC's got your back with its many budgeting, forecasting and security tools, like NOMI and 2-Step Verification.

Learn how you can save more money by visiting the RBC website. Or, follow RBC on Facebook and Instagram.

This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.

Emma Caplan
Sponsored Content Contributing Writer, Studio