The Bank of Montreal (BMO) reported its digital self-serve transactions reached 91.8% in 2021, compared with 89.8% in 2021.

Digital adoption — measured as customers who have logged in within the past 90 days — clocked in at 61% in Canada for 2021 and nearly 52% in the U.S. , up 2 percentage points year over year for both countries, the $773.7 billion bank reported during its fourth-quarter earnings call. Digital adoption by active mobile users was also up YoY in Canada and the U.S., rising by 8% and 13%, respectively.

Digital isn’t just a channel for BMO, it’s a way of operating, Darryl White, BMO chief executive officer, said during the call.

“Our digital-first strategy is built for speed, efficiency and scale responding to the growth in demand for banking services that meet our customers where they are,” White said. “Our significant investment and key technology partnerships enable us to provide customers with simple digital and personalized experiences that put them in control.”

The Montreal-based bank reported a net revenue of $5.1 billion, up 8% from last year. Net income came in at $1.7 billion, an increase of 36% YoY.

During the call, BMO highlighted its focus on growth in the U.S., despite its partnership with Google falling through earlier this year when the tech giant unexpectedly killed Plex, a banking service that would have integrated with Google Pay.

“We’ve been acquiring deposits in 50 states, and we continue to do that. We have had record success in the U.S. on acquiring checking accounts and savings accounts digitally,” said Ernie Johannson, BMO’s group head of North American personal banking and U.S. business banking from Canadian PNC. “So with the Google exit or not having that partnership, we’re continuing to build our capabilities.”

Growth in the U.S. is on course, particularly as the lending improves, Johannson said, noting that the bank continues “to operate digitally in that market.”

Technology-driven products such as BMO Insights, a personal finance insights tool, have delivered more than 100 million personalized insights and alerts to customers, White said. “We’re a leader in digital retail sales, with more than one-third of sales in Canada and one quarter in the U.S. coming through our digital platforms,” he added.

In its presentation to analysts, the bank also highlighted other tech-driven programs, including:

• Selfie ID Verification, leveraging ID confirmation technology for digital onboarding;
• A straight-through-process mortgage renewal solution for customers using online banking;
• A 10% increase in digital adoption of BMO’s integrated North American treasury and payments cash management solutions, which expanded self-serve digital options;
• BMO InvestorLine’s new adviceDirect Preview provides free access to investing resources and features for digital trading; and
• BMO CashTrack, an artificial intelligence-driven capability that identifies and helps customers avoid potential cash shortfalls.

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