- One third of Canadians have paid for subscriptions they do
not use
- Majority of Canadians with pre-authorized subscriptions say
they would benefit from a tracking tool
TORONTO, July 20,
2022 /CNW/ - To help Canadians better manage their
finances, BMO today announced the launch of its new Pre-Authorized
Payments Manager on the BMO Mobile Banking app. The digital banking
feature provides an enhanced view of pre-authorized payments,
including subscriptions attached to a BMO credit card, to help
customers better track how their money is being spent.
A recent BMO survey found that two thirds (65 per cent) of
Canadians with pre-authorized subscriptions on their credit card
said they would benefit from a tracking tool to help manage their
money, and one third (33 per cent) have paid for a subscription
they do not use.
"As our recent survey has made clear, Canadians are not
strangers to subscriptions, and they want help managing their
pre-authorized payments. The Pre-Authorized Payments Manager meets
a clear customer need and builds on our commitment to offering
leading digital experiences that help our customers make real
financial progress," said Mat Mehrotra, BMO's Chief Digital
Officer.
BMO is now the only bank that displays both past and future
payments per credit card, helping customers keep track of their
monthly credit card subscriptions by providing:
- A view of subscriptions in one place
- Details of past payments and estimated future payments from a
list of authorized merchants
The launch of this feature will help address some of the
insights revealed in BMO's survey including:
- One quarter of Canadians with subscriptions on their credit
card have had issues managing them, including:
-
- difficulty cancelling subscriptions they don't want (28 per
cent)
- forgetting to cancel subscriptions (23 per cent)
- keeping track of monthly charges to their credit cards (22 per
cent)
- 21 per cent of subscribers have been charged for subscriptions
they have forgotten about while 20 per cent have paid for
subscriptions they no longer want.
- Among subscription holders, 45 per cent recently
cancelled a monthly subscription, most often because the free trial
had ended (18 per cent).
- 15 per cent have cancelled subscriptions to save money in
inflationary times.
BMO's Pre-authorized Payment Manager is another example of
BMO's Digital First strategy, focused on building a
digitally-enabled, future-ready bank that drives progress for our
customers, unlocks the power of our people and delivers loyalty,
growth and efficiency. This feature complements a host of
digital capabilities focused on helping our customers make real
financial progress, including BMO Insights, BMO CashTrack, and
Selfie ID.
To learn more about BMO mobile banking and to download the BMO
mobile app,
visit: https://www.bmo.com/main/personal/ways-to-bank/get-started/mobile/
About BMO Financial
Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest
bank, by assets, in North America. With total assets
of $1.04 trillion as of April 30, 2022, and a team
of diverse and highly engaged employees, BMO provides a broad range
of personal and commercial banking, wealth management and
investment banking products and services to more than 12 million
customers and conducts business through three operating groups:
Personal and Commercial Banking, BMO Wealth Management and BMO
Capital Markets.
SOURCE BMO Financial Group