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Bank of Montreal gives thrust to AI based banking

Bank of Montreal endeavours to facilitate customers to bank where and how they want to:Bank of Montreal gives thrust to AI-based banking

Bank of Montreal Financial Group (BMO) is Canada’s 4th largest bank and the 8th largest in North America. The bank has more than 1500 branches in North America and serves more than 12 million customers through its personal, commercial, corporate, and institutional banking services globally.

BMO claims it facilitates its customers, especially in Canada, to bank where and how they want to. While banking is undergoing major changes all over the world in the way they deliver their services and meet the ever-increasing demands of today’s customers, Canadian banks too are getting to be highly digitally enabled. Bank of Montreal is in the forefront in this effort.

AI-BASED BMO INSIGHTS

BMO has been an early starter in the use of AI in redefining its services. It has some 8 AI driven Insights, which are intended to help customers understand their spending patterns, transactions and day-to-day cash flow. BMO Insights is available through the bank’s mobile banking app and provides automated, personalized and in-context insights to customers based on their day-to-day banking behaviour. Launched in 2019, BMO Insights has generated over 110 million insights to customers and currently has a total average customer satisfaction rating of 4.6/5.

BMO’s Chief Digital Officer Mathew Mehrotra has said the new Insights builds on the bank’s digital and data-driven approach to money management by providing customers with a holistic view of their financial activity and spending patterns. “By meeting customers where they are and providing automated, personalized, bite-sized insights, we’re continuing to help customers make real financial progress,” he adds.

In Insights, there are functionalities like ‘Where You Spend & Spending Category’, ‘High Daily Spending & New Spending Insights’, ‘Duplicate Transfer & Duplicate Charge Insights’, and ‘Salary & Cheque Deposit Insights’. The bank has also added recently a ‘Selfie ID Verification’ that provides customers with a convenient way to apply to open personal bank accounts and credit cards from their personal devices.

PREDICTING CASH SHORTAGES

BMO has recently launched an AI-enhanced tool for its Personal Financial Management (PFM) platform to support clients to recognize possible cash deficiencies. The ‘CashTrack Insight’ feature uses AI and ML models to produce real-time financial insights that can forecast when there would be a cash shortage. The CashTrack framework searches up to 7 days in advance through various checking and saving accounts to alert consumers about possible cash shortcomings. The predictive technology offers recommendations for addressing future cash scarcity issues before they eventually exist.

The bank has ‘My BMO Info’, a solution powered by AI to help customers manage their daily finances and cash flow and provide them with personalized banking information. Rather than simply capturing everyday behaviours, My BMO Info provides customers with actionable channels and flows to help them stay on top of their personal finances.

DIGITAL ADOPTION PLATFORM

BMO has implemented WalkMe’s Digital Adoption Platform, a tool for improving digital adoption without coding and increasing user retention and engagement in any digital software. It is a ready-to-go support solution that would lead customers through new or updated features without them calling the support centre. After implementing WalkMe’s Digital Adoption Platform, BMO reported a 50% drop in customer support requests and a significant reduction in development costs.

Recently, the bank has also opted for a digital solution – Automated Digital Enrolment Solution – that quickly and seamlessly enrols customers into commonly used mobile banking features. Among the many benefits that the system brings to the customers are simplified experiences to getting online by automatically setting up and enabling popular mobile banking features including Remember Me, Security Alerts, Biometric Authentication, Interac e-Transfers, and Autodeposit.

Today, customers can open a bank account in seconds using their smartphones. It is a system based on Quadient Inspire. Similarly, Quadient’s customer communications management technology-based solution enables a seamless and intuitive customer and employee experience.

BLOCKCHAIN CONSORTIUM

BMO is part of a consortium, called Batavia, which is a blockchain-based global trade finance platform. Batavia allows multiple parties to make smart payments – payments that are held and recorded on the blockchain ledger that help to develop and support the creation of an open ecosystem, providing more efficient and transparent transactions between parties.

BMO has recently engaged Amazon Web Services (AWS) as its new cloud partner to streamline its internal business processes and become a ‘cloud-first organization’. The bank is migrating its online and mobile banking applications to AWS. It has said it will use AWS to modernize its banking platforms and build new digital financial services applications.

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PR Newswire