BMO focuses on digital-first strategy

BMO continued to deliver on its digital-first agenda during its 2024 fiscal first quarter through innovation and new offerings. The Montreal-based bank continues to expand its “suite of innovative products,” Chief Executive Darryl White said today during the bank’s earnings call. [caption id="attachment_57371907" align="alignright" width="300"] Courtesy/Bloomberg [/caption] In December, the CA$1.3 trillion ($960 billion) bank launched its BMO Eclipse Rise Visa card that “rewards customers for establishing good financial habits,” White said, noting that the card has 15,000 new accounts. In November, BMO launched its digital Real Financial Progress Hub, which allows customers to access finance advice and guidance for budgeting, saving and building credit, according to the bank. BIGGER PICTURE: The bank has launched these digital efforts over the past several years: Its Canadian banking app, which offers a simple user experience; Enhanced debit card payment details that allow clients to manage day-to-day spending; Partnership with digital card fintech Extend in August to offer virtual card capabilities; and Fee-free transfers for small-business customers using TransferNow. BY THE NUMBERS: BMO reported for its fiscal Q1, which ended Jan. 31 : Revenue increased 49% year over year to $5.6 billion; Digital engagement in retail channels increased 2% sequentially to 4.5 million; and Digital engagement in commercial banking channels grew 7% sequentially to 319,000. NOTEWORTHY: The bank completed its acquisition of Bank of the West during its fiscal fourth quarter, ending Oct. 31, 2023 . On today’s earnings call, BMO Chief Financial Officer Tayfun Tuzun said the bank has seen the following since acquisition: A 19% YoY increase in average customer deposits; A 4% drop in expenses sequentially due to savings related to the merger and operational savings; and BMO has achieved $800 million in the Bank of the West net cost-saving synergies. [stock_market_widget type="inline" template="generic" assets="BMO" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" api="yf"]. Editor’s note: All amounts have been converted to U.S. dollars. Join us for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.

BMO focuses on digital-first strategy

Digital engagement increased 2% YoY to 4.5M

Scotiabank tech spend climbs 13%

Canadian transactions: RBC acquisition of HSBC Canada set to close March 28

Related Posts

Anthropic pitches new Claude tool for financial advisers

Truist to use gen AI for personalized alerts, outreach

OpenAI debuts financial tool tailored to investment bankers

Canadian transactions: RBC acquisition of HSBC Canada set to close March 28

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Is Your Technology Supplier There for You?

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

BMO focuses on digital-first strategy

Digital engagement increased 2% YoY to 4.5M

Scotiabank tech spend climbs 13%

Canadian transactions: RBC acquisition of HSBC Canada set to close March 28

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day