BMO is investing in AI and launching new solutions to build deeper relationships with clients. 

“We’re seeing tangible value from AI in several areas, including decisioning, customer experience, software development and employee productivity,” Chief Executive Daryl White said during the bank’s fiscal third-quarter earnings call today.

However, during the quarter, BMO reported 2.5 million interactions with its AI-driven chatbot BMO Assist, compared to 3 million in fiscal Q3 2024. An explanation for the drop was not provided. 

The bank also reported: 

• 200 million AI-driven insights to help customers meet financial goals; and 

• 4.8 million active digital users, up 5% year over year. 

The $1 trillion bank launched Lumi Assistant, an AI-driven tool that gives frontline teams with real-time, simplified access to critical policy and process information to provide advice and guidance to clients, White said. 

BMO also launched gen AI-powered digital assistant for Canadian Individual Life advisers to streamline the underwriting process for clients, according to the bank’s earnings report. 

During the quarter, the Montreal-based bank also launched BMO Sync, which helps commercial banking clients integrate their EPR systems with their BMO bank accounts. 

BMO is working with Microsoft to power its AI initiatives, including insurance risk management and underwriting assistance, according to an October 2024 BMO release. 

BY THE NUMBERS: In its fiscal third quarter, BMO reported: 

• Net income of CA$2.3 billion ($1.6 billion), up 25% YoY; 

• Noninterest expense, which includes technology, of $3.6 billion, up 8% YoY; and 

• Efficiency ratio of 55.8%, compared with 57.3% in Q3 2024. 

MARKET REACTION: Shares of BMO (NYSE: BMO) were up 4.94% from market open to $119.39 as of market close today. BMO has a market capitalization of $85 billion.

Editor’s note: All amounts have been converted to U.S. dollars.