Celent Case Study - BMO: Digital Transformation in Personal Banking
Winner of the Celent Model Bank Award for Process Automation
BMO Bank of Montreal was recognized by Celent as the winner of the Model Bank 2017 award for Process Automation for the most effective deployment of technology to automate business processes or decision-making. Celent’s annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking.
The award-winning initiative was integral to BMO’s strategy to meet the heightened expectations of customers by accelerating the deployment of digital capabilities. To undertake this transformation of its business, BMO adopted Quadient’s customer communications management technology to build a solution that enabled a seamless and intuitive customer and employee experience.
Project Objectives:
- Improved efficiency ratios by taking costs out of manual and duplicative systems.
- Enterprise reusability of common technology components and digital capabilities.
- Operational efficiencies would lead to increased productivity.
- A more complete and satisfying digital customer and employee user experience.
- An increase in customer digital usage, adoption, and loyalty.
- Greater shareholder value.
Key achievements:
- BMO customers can now open an account on their smartphones in under 8 minutes.
- Increased efficiency by 40% with an 80% improvement across the audit function.
- Elimination of all paper forms – 2.8MM sheets of paper.
- Digital adoption across 940 retail branches in Canada.
- Reduction of paper will save BMO $132 million CAD/year.
