Canada’s major banks optimise AI to drive growth, enhance customer experience
“Enabling customer financial wellness has become the mantra at many banks,” Celent senior analyst Alenka Grealish wrote in the Celent report “BMO: Game Changing Cashflow Prediction Tool”. “BMO stands out for going far beyond the standard tools by applying advanced AI and design thinking to deliver private bank-like guidance at scale. It has differentiated itself by building a unique tool with high accuracy that offers actionable alerts.”
According to Grealish, BMO’s cashflow prediction tool’s accuracy is exceptionally high at 97% (correct predictions over all predictions) because its model factors in the customer’s holdings and spending across multiple accounts. This contrasts with the models used by some banks that have launched a similar offering based on a single account.