Reaching your financial goals through digital tools and advice


Using mobile apps and online services to plan and achieve your financial goals

Living in a digital world doesn’t mean abandoning “old school” methods of managing your finances. What’s important is having a plan in place that will guide your financial future, one that takes into account the unexpected and that can be adjusted as lives change. You can make a plan on a pad of paper, create it on your laptop, your tablet or your mobile device. The main thing is to set it down so you can review it and make adjustments as your life moves forward.

But what’s proving to be a real game-changer is the ability to access financial advice through digital channels, and even leverage artificial intelligence (AI) to help simplify the process of managing your finances.

During the COVID-19 pandemic, secure online resources and tools have become a safe and convenient way for people in Canada to do their banking and make more informed financial decisions.

Here are three ways digital tools can help you plan and achieve financial goals.

Gain insights and advice from your mobile app: Mobile banking is widely used in Canada, with increasing adoption through the pandemic. It has the power to make banking more accessible and provide tailored insights and advice to help you track your spending and plan for your financial future. For example, RBC’s mobile app includes its NOMI suite of capabilities, which uses data-driven insights to help you stay on top of your finances. Ask NOMI is a guide to personal banking that uses AI to answer your questions, help you navigate the app and simplify tasks like transaction search. It supports more than 12 different languages, making it easy to get the right information in the language you’re most comfortable with.

NOMI Budgets helps you by taking the thinking—and the manual calculator work—out of setting up a budget. NOMI Find & Save uses predictive technology to find money you can spare and automatically sets it aside for you.

Quickly see what your mortgage payments might look like: Buying a home at any time requires balancing your personal finances with external factors. Personal factors like your income, down payment savings and amount of personal debt can all influence your ability to purchase the home you want. External factors like current real estate prices and interest rates will also affect your home-buying choices. Whether you are buying a home for yourself or helping out a family member, the first thing to do is learn how much you can afford. By using a mortgage calculator you can go online and quickly see what your mortgage payments might look like.

Get real-time, 24/7 access to your plan: When you’re thinking about your future in Canada, it’s important to not only have a plan in place, but to have the ability to access it remotely along with the financial advice you need to support it.

RBC’s MyAdvisor is an example of a free digitized advice platform helps clients create a personalized plan online and provides access to RBC advisors, all from the comfort of your home or workspace. You can readily view an overall picture of your financial accounts on interactive screens. A digital dashboard provides real-time, 24/7 access to your personalized plan, where you can see the potential impact of your money decisions before you make them.

While no one could have predicted this pandemic, a personalized plan for your finances can help prepare you for the unexpected. It gives you a roadmap that you can reset and adapt in response to detours you may encounter along the way. And when you leverage the digital tools that are available, you have the added insights and flexibility to see how the actions you take today can help secure the finances you have in place for tomorrow.