4 ways artificial intelligence is helping Canadians manage their finances

(NC) While you may not always think of using artificial intelligence (AI) to help manage your finances, you may already be benefiting from the insights and support AI-driven financial apps and tools can provide.

According to RBC, here are four ways AI is quietly working behind the scenes to help Canadians make the most of their money.

1. Automated savings: For those of us who find it hard to save, AI can help by finding those extra dollars you didn’t think you had and putting them aside for you automatically. It does this by predicting how much money you will need to spend based on your transactions and then determining how much you could save.

2. Budgeting: Creating and sticking to a budget isn’t always easy. With new AI tools, you can take the math out of budgeting and get a calculated budget recommendation based on your unique spending habits. These tools can also provide the nudges and updates you need to stay on track.

3. Personalized insights: Who couldn’t use a bit of help managing their money? Financial tools that leverage AI can provide personalized insights based on your spending and savings habits to help you stay more connected to your money and make more informed financial decisions.

4. Cash-flow forecasting: Managing your cash flow is a cornerstone of healthy personal finances. AI can help by forecasting future cash-flow needs, providing helpful reminders for when bills need to be paid and flagging how upcoming payments may impact your cash flow.

Learn more about how AI-driven tools can help you manage your money at rbc.com/nomi.