- Solution gives customers the tools to take control of their
financial wellness
- BMO Insights will be fully integrated into the mobile
banking experience
TORONTO, Dec. 12, 2019 /CNW/ - To help customers gain
better control of their financial lives, BMO has introduced a new
personal financial management solution, BMO Insights. The solution
leverages artificial intelligence (AI) to deliver personalized,
automated, and actionable insights for everyday banking customers
to help them manage their day-to-day finances and cash flow. BMO
Insights will be fully integrated into the mobile banking
experience.
"Across our digital solutions, we are focused on finding ways to
provide value for customers and evolving how they interact with
their bank," said Brett Pitts, Chief
Digital Officer, BMO Financial Group. "With BMO Insights, we're
tapping into the power of AI to deliver personalized insights to
mobile banking customers and provide them with a holistic picture
of their financial lives. This is a data-driven approach to
personal finance that puts the customer in control."
According to BMO's 2019 Savings Survey, Canadians can use some
help when it comes to hitting their savings goals. 67 per cent
indicated that they are stretching themselves too thin on expenses
to be able to save; nearly half (45 per cent) are playing catch-up
and paying down debt; and, for millennial Canadians, 37 per cent of
them cite social pressures as a barrier towards being able to
save.
BMO Insights helps to put customers in the driver's seat of
their finances and better develop their savings muscles. With the
solution, customers will benefit from:
- Personalized, bite-sized tips: Leveraging the power of
AI, customers can receive more than 20 insights tailored to their
personal accounts including guidance on saving money, spending
habits, and personal cash flow.
- Actionable intelligence: Instead of simply identifying
everyday behaviours, BMO Insights will provide customers with
actionable pathways and flows to stay on top of their personal
finances. The solution will, for example, suggest transferring
funds to a savings account, when there is sufficient money in a
chequing account to cover expenses.
- Self-learning platform: With a built-in learning
algorithm, over time the platform will better select and prioritize
insights for each customer.
"Personalized, AI driven Insights are a key part of our
Self-Driving Finance platform that we provide banks to assist them
in increasing engagement with their customers to improve their
financial wellbeing," said Jody
Bhagat, President of Americas at Personetics. "BMO has
invested tremendous energy and resources into creating an
exceptional and customer-centric experience, and we look forward to
continuing to support their innovative customer first approach with
additional deliverables."
BMO Insights is currently available as a pilot to select
Canadian customers on their chequing and savings accounts as well
as their credit cards. It will be available to all Canadian
everyday banking customers early in 2020.
The solution runs on Personetics Engage, which brings together
artificial intelligence, predictive analytics, natural language
understanding, and machine learning technologies to create a highly
engaging customer experience.
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 $852 billion as
of October 31, 2019, 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.
About Personetics
Personetics is the leading provider
of customer-facing AI solutions for financial services and the
company behind the industry's first Self-Driving Finance™ platform.
Harnessing the power of AI, Personetics' Self-Driving Finance™
solutions are used by the world's largest financial institutions to
transform digital banking into the center of the customer's
financial life – providing real-time personalized insight and
advice, automating financial decisions, and simplifying day-to-day
money management. Serving over 60 million bank customers worldwide,
Personetics has the largest direct customer impact of any AI
solution provider in banking today. Personetics customers include 6
of the top 12 banks in North
America and Europe and
other leading banks throughout the world. Led by a team of seasoned
FinTech entrepreneurs with a proven track record, Personetics is a
rapidly growing company with offices in New York, London, Paris, Singapore, and Tel
Aviv. The company has been named a Gartner Cool Vendor, a
Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by
American Banker.
For more information, visit http://personetics.com
SOURCE BMO Financial Group