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BMO: Helping Customers Make Financial Progress

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30 March 2023
Kieran Hines

Winner of Celent Model Bank 2023 Award for Customer Financial Resilience

Abstract

At a time when many consumers are facing financial stress, Bank of Montreal (BMO) saw an opportunity to provide the tools for its customers to better manage their finances. To this end, the bank launched three separate initiatives to help customers to grow their savings and to reduce their outgoings.

The BMO Savings Amplifier tool brings together the ability for customers to set savings goals and track their progress while also ensuring that the customer can still cover their necessary payments. BMO Same Day Grace uses the bank’s alerts engine to flag potential overdraft or NSF fees, giving a window for the customer to restore their account to credit before the fee is charged. BMO Pre-Authorized Payment Manager gives insight into subscription payments from credit card accounts, helping customers to identify areas to cut or reduce this spending.

These projects are noteworthy on an individual basis but, in combination, they are an example of best practice in supporting customers. As a result, Bank of Montreal is a worthy winner of the 2023 Model Bank Award for Customer Financial Resilience.

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