Bank of Montreal reported a rise in its digital banking usership and is embedding AI capabilities to its offerings to drive engagement.

The CA$1.4 trillion ($1 trillion) bank is investing in talent and data analytics to provide customers with AI tools to help them reach their financial goals, Chief Executive Darryl White said during the bank’s fiscal first-quarter earnings call today. 

The bank reported that BMO Insights, its AI-powered tool that helps customers set financial goals and keep track of cashflow and expenses, saw 200 million interactions during the quarter while its BMO Assist chatbot reported 3 million interactions. 

The Montreal-based bank also reported that retail digital banking usership increased to 4.7 million customers, up 7% year over year, as it continues investing in technology. 

THE BIG PICTURE: BMO joined IBM’s quantum computing network to make use of the more powerful computing capability it will need for its growing operations, according to the bank’s earnings report. 

Joining the IBM quantum network “will enable us to develop and deploy quantum powered solutions across our operations and deliver progress and outcomes at scale by merging human experience with cutting edge technology investments like this to support our commitment to driving new revenue opportunities and improving efficiency,” White said. 

Specific use cases for the quantum network were not disclosed. 

JPMorgan, BNP and HSBC already use quantum computers for a variety of uses including fraud-proofing transactions, improving trading efficiency and running AI models. 

BY THE NUMBERS: In Q1, which ended Jan. 31, BMO reported: 

• Revenue of $6.5 billion, up 21% YoY; 

• Noninterest expense, which includes tech spend, of $3.8 billion, down 22% YoY; and 

• Net income of $1.6 billion, up 35% YoY. 

FORWARD LOOK: The bank plans to continue investing in technology and data analytics to streamline operations, according to the bank’s earnings report. 

BMO aims to improve its One Client customer experience program allowing clients to seamlessly switch between retail, business and wealth management services for a simplers CX. 

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