BMO invests in tech modernization

Bank of Montreal (BMO) is looking to modernize its technology stack by investing in cloud architecture and tech talent. WHY IT MATTERS: The $805 billion bank saw a 4% year-over-year bump in expenses due to “higher employee costs and technology investments,” Tayfun Tuzun, chief financial officer at BMO, said during the bank’s fiscal fourth-quarter earnings call. “Despite challenging markets in 2022, we delivered underlying revenue growth for the year, reflecting strategic investments in talent, technology modernization and expanded investment capabilities that resulted in a record year for net new asset growth,” BMO Chief Executive Darryl White said during the call. THE BIG PICTURE: The Canadian bank will begin to employ data-driven analytics within its business, according to White. Earlier this year, BMO employees were trained on cloud technology, which was key for the bank to be cloud-ready, BMO U.S. Technology Officer Victor Tung noted during the Bank Automation Summit Fall 2022 . [caption id="attachment_182456" align="alignright" width="300"] Flickr photo [/caption] BY THE NUMBERS: BMO reported for its fiscal Q4: Non-interest expenses increased 4% YoY to $660 million USD; Total revenue jumped 18% YoY to $1.2 billion; and Net income jumped 30% YoY to $660 million. NOTEWORTHY: The bank also noted the growing number of active digital users within North America, with a rise of 6% YoY to 3.7 million. BMO also saw a 12% YoY increase in active mobile users and a 7% YoY bump in digital transactions. The bank did not disclose the number of active mobile users or digital transactions in the earnings supplement. THE BOTTOM LINE: BMO will continue to automate processes and modernize its core architecture, White said. “We've also made significant progress advancing our digital-first approach, aimed at enhancing employee and customer experiences to drive revenue and efficiency,” he said. “We've invested across our businesses to modernize technology and expand the use of cloud and employ data-driven analytics.” [stock_market_widget type="inline" template="generic" assets="BMO" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" display_currency_symbol="true" api="yf"]. Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1669215358764.1669225376751.568&__hssc=41615677.3.1669225376751&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1669215358764.1669225376751.568&__hssc=41615677.3.1669225376751&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

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