BMO builds on digital-first strategy
Bank launched AI-powered digital assistant in its insurance business in Q4
Bank of Montreal continued to invest in modernization tapping data, analytics and AI.
“Across our businesses, we advanced our digital-first strategy, powered by AI data and technology modernization, to drive tangible customer and business value,” Chief Executive Darryl White said during today’s earnings call.
In Q4, ending Oct. 31, the $1 trillion bank recorded these tech advancements:
- Had 3 million AI-enabled customer interactions with AI-driven chatbot BMO Assist;
- Launched an AI-powered assistant within BMO Insurance;
- Launched installment payment plans in the U.S. and debit card controls in Canada; and
- Launched a user interface for BMO InvestorLine.
(Courtesy/Bloomberg)
BIGGER PICTURE: While the Canadian bank launched tech-driven solutions during the quarter, digital usership also climbed.
In Q4, active digital users of the retail bank increased 7% year over year to 4.7 million and commercial banking digital users increased 13% YoY to 336,000, according to the bank’s Q4 earnings presentation.
BY THE NUMBERS: In Q4, BMO reported:
- Non-interest expenses reached CA$1.3 million ($930,000), up 5% YoY; and
- Revenue clocked in at $6.3 billion, up 8% YoY.
Editor’s note: All figures converted to USD.
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