Bank of Montreal gives thrust to AI-based banking

Bank of Montreal endeavours to facilitate customers to bank where and how they want to:

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Bank of Montreal Financial Group (BMO) is Canada’s 4th largest bank and the 8th largest in North America. The bank has more than 1500 branches in North America and serves more than 12 million customers through its personal, commercial, corporate, and institutional banking services globally.

BMO claims it facilitates its customers, especially in Canada, to bank where and how they want to. While banking is undergoing major changes all over the world in the way they deliver their services and meet the ever-increasing demands of today’s customers, Canadian banks too are getting to be highly digitally enabled. Bank of Montreal is in the forefront in this effort.

AI-BASED BMO INSIGHTS

BMO has been an early starter in the use of AI in redefining its services. It has some 8 AI driven Insights, which are intended to help customers understand their spending patterns, transactions and day-to-day cash flow. BMO Insights is available through the bank’s mobile banking app and provides automated, personalized and in-context insights to customers based on their day-today banking behaviour. Launched in 2019, BMO Insights has generated over 110 million insights to customers and currently has a total average customer satisfaction rating of 4.6/5.