In 2017, RBC launched two innovative digital services — NOMI Insights™ and NOMI Find & Save™ to all RBC customers. Check out the blog post I wrote when it launched about how they both work.
Well, it’s been a year since that launch and they’ve been making some major updates to NOMI Find & Save that I know you’re going to want to know about!
NOMI Find & Save
As you may guess from the name, NOMI Find & Save helps you, as an RBC customer, find extra money to save. RBC is actually the first bank in North America to use artificial intelligence to help clients automate the process — it proactively analyzes your spending and saving to find those extra dollars you won’t miss (one of the many perks of being an RBC customer).
How It Works
Sounds like a no-brainer, right? Well, here’s how it works. First off, let’s be clear, NOMI Find & Save is a digital savings account. That being said, it is an incredibly savvy digital savings account and a one-of-a-kind solution.
Using predictive technology, NOMI Find & Save will learn your transaction patterns from your chequing account, find extra money in your cash flow that you won’t miss (you won’t even notice it’s gone), then will automatically set that money aside in a savings account for you — to a maximum of $50/day and up to 5 times per week.
And if you’re wondering if it actually does help people save money, in a recent study done by RBC, they found that 9 out of 10 clients said NOMI Find & Save helped them save (again, a no-brainer!). Last year, NOMI Find & Save helped Canadians save over $35 million.
How to Get Started
NOMI Find & Save is something you need to opt-in to, so if you’re an RBC customer and you’re wondering why it’s not already integrated into your account, that’s why. But it’s very easy to set up.
All you have to do is download the RBC Mobile App, log into your account, and turn on the NOMI Find & Save feature (from the More Menu). Once it’s turned on, you can continue to check everything either through the app or using RBC Online Banking. You can also pause the feature at any time.
If You’re a New Customer, There’s a Waiting Period
If you’re a relatively new RBC customer but you want to get started with NOMI Find & Save as soon as possible, in order for it to work it does require 3 months of account activity to properly understand your transaction patterns.
How to Access Those Funds
Once NOMI Find & Save grabs those extra dollars and houses them for you, in order for you to do anything with those funds, you’ll have to manually transfer those funds to your chequing account. But these transfers are free and are as easy as clicking a button. That being said, you can’t withdraw funds through an ATM from your NOMI Find & Save account or any other transactions like Interac purchases, debits or credits.
Joint Accounts Now Available
And here’s the big news I was teasing at the beginning of this post, NOMI Find & Save is now available for joint accounts! This means that managing your finances with your partner just got a whole lot easier. Not only can NOMI Find & Save now track transactions from your joint account, it will also take a look at your cash flow in that account and tuck away extra money for savings too.
My Final Thoughts
When I’m either working with a financial counselling client or talking with a blog reader or podcast listener, if we’re discussing savings strategies this is one that always works. Tucking away small amounts of money you won’t miss so it grows into a big amount is always the way to go. It’s almost like tricking yourself into saving or saving unconsciously. Without the technology to do it for your like NOMI Find & Save, you’d have to figure out a way to do it manually. It can be done by setting up auto-contributions, but you’ll have to always keep your eye on those auto-contributions which is more effort on your part.
So, if you’re an RBC customer or are thinking of becoming one, this is a feature I am fully behind. I think it’s great, plus it’s free! What’s not to like?