- BMO is the only Canadian and U.S. bank recognized for its
work to make managing finances easier through innovative digital
tools that help customers make real financial progress.
- Groundbreaking businesses across 58 industries in every
region of the world were chosen based on innovation, impact,
timeliness and relevance.
TORONTO and CHICAGO, March 21,
2024 /CNW/ - BMO has ranked among Fast
Company's list of the World's Most Innovative Companies of 2024
– the only Canadian and U.S. bank recognized out of more than 600
winning organizations. Recognized in the Personal Finance category,
the award is global recognition of BMO's innovative digital
products, tools and resources to help customers make real financial
progress in Canada and
the United States.
Fast Company evaluated businesses across 58
industries in every region of the world as part of its monthslong
process according to four criteria: innovation, impact, timeliness
and relevance. Winners must have proved they lead their fields and
are transforming the world. Under the Personal Finance category,
BMO is recognized for "revamping its digital banking experience and
modernizing the underlying technology, leading to new highs in
customer satisfaction, triple digital percentage improvements, task
completion, and digital product application volumes".
"Being recognized among the most innovative companies in the
world is a testament to Team BMO leading with a digital-first
mindset to deliver best-in class, convenient banking experiences
that power real financial progress for our customers," said
Erminia (Ernie) Johannson, Group
Head, North American Personal and Business Banking, BMO. "Our team
innovates our products, services and resources to make managing
money and saving easier – and it is remarkable to be recognized for
our industry-leading digital capabilities that empower customers
across North America."
BMO's innovative digital products, tools, and programs
recognized by Fast Company include:
- BMO Savings Goals: With the BMO Mobile Banking app, customers
can set up savings goals, track progress, and receive updates when
they achieve milestones.
- Same Day Grace: When eligible Every Day Banking accounts drop
below $0, customers are allowed a
grace period to bring accounts back to positive and avoid
non-sufficient funds (NWS) fees.
- BMO NewStart® Program: Whether customers are new to
Canada or moving soon, BMO helps
them feel at home with banking products and services that help
newcomers make real financial progress with options for access to
credit with no credit history, savings accounts, safety deposit
boxes, mortgages, investments, and worldwide money transfers to get
finances set up.
- BMO InnoV8: Launched in 2017 with the goal of exploring,
testing, and accelerating the commercialization of "seed stage"
technologies that enhance the customer experience, BMO Innov8 – the
bank's digital innovation program – powered the launch of many of
BMO's leading digital capabilities including CashTrack and QuickPay
features. To date, InnoV8 has generated seven times the return on
investment.
"This recognition underscores the innovation we are driving for
customers on our quest to help them make real financial progress,"
said Mathew Mehrotra, Chief Digital Officer and Head of
Canadian Products, North American Personal and Business
Banking. "By starting with a commitment to meeting customers where
they are with experiences that meet their evolving needs, we are
making banking easier while improving our customers' financial
lives."
In addition to the digital capabilities recognized by Fast
Company, the following BMO low- and no-cost offerings are also
available to customers in Canada
and the United States:
Canada:
- BMO SmartProgress (also available in U.S.): Customers
can build financial literacy anywhere and at any time with this
free, online financial education platform that features customized,
interactive content, including videos and tools, on complex
financial planning topics including budgeting and credit
management, homeownership and investing.
- BMO CreditView (also available in U.S.): Customers can
easily check their credit scores and access new tools and advice to
manage their credit profile online and on mobile.
- BMO Insights: To help save more, monitor spending and account
values, and spot unusual activity, this tool provides customers
free, quick, and personalized views of their daily spending to help
them make informed decisions. Popular online insights include
CashTrack and Spend Categorization.
United States:
- BMO Savings Builder Account: Reach financial goals with no
monthly maintenance fee and get rewards when savings goals are met
to help customers reach their goals faster.
- BMO Total Look: Manage all BMO and non-BMO financial
information – from bank accounts to credit cards, mortgages to
loans, and investments – all in one secure location.
- Credit Builder Account: A program that makes it easy to make
on-time payments so you can build your credit rating in the
process.
To learn more about all products available in both countries,
click here.
Fast Company also recognizes BMO's personal
finance resource, the Real Financial Progress Hub
BMO's digital Real Financial Progress Hub – which was
launched in late 2023 in the U.S. and will be expanded to
Canada this summer – is a resource
that allows customers to easily access personal finance advice and
guidance, as well as tools and resources to reach their own
specific financial goals. In addition to helping customers budget
and set financial targets, the resource connects customers to
BMO's innovative products and services available throughout
the United States.
BMO's Real Financial Progress Hub helps
customers:
- Save to create financial stability: Learn how to manage
everyday finances, start an emergency fund, build wealth for the
future, and discover what bank accounts can best help reach those
goals.
- Budget for goals: Resources include monthly expense tracking,
creating a 50/30/20 budget – which divides income into suggested
spending categories – and preparing for big purchases.
- Plan for the future: From homeownership to retirement, learn
how to make a financial plan for life's biggest moments.
- Understand how to build and sustain credit: Learn about terms,
interest rates, and repayment plans on loans, lines of credit, and
mortgages.
For more information about the awards, visit
https://www.fastcompany.com/most-innovative-companies/list.
About BMO Financial
Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
$1.3 trillion as of January 31, 2024. Serving customers for 200 years
and counting, BMO is a diverse team of highly engaged employees
providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and
services to 13 million customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
society.
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SOURCE BMO Financial Group