Mobile-first offering to support BMO's U.S.
growth with continued focus on new digital deposit
customers
CHICAGO, Aug. 3, 2020 /CNW/ - BMO Financial Group
today announced it is working with Google to introduce mobile-first
bank accounts that will be available to U.S. customers and can be
managed through Google Pay. BMO is one of just eight banks to
launch the new U.S. offering.
The new platform will pair Google's expertise in creating
intuitive user experiences with the security of a reputable bank to
provide a new way to manage money with financial insights and
budgeting tools.
"This collaboration with Google is a fantastic next step in
BMO's growth strategy," said Ernie
(Erminia) Johannson, group head of North American Personal
and Business Banking, BMO Financial Group. "Google Pay allows us to
reach new customers and extend the BMO brand more broadly through a
platform that helps customers make real financial progress. We
continually seek partnerships of this nature that allow us to
accelerate growth through customer-centric innovation."
BMO has quickly scaled digital deposit acquisition in the U.S.,
opening accounts online in all 50 states for the first time and
growing overall deposits by an industry-leading 9 percent in
2019.
"Google is excited to collaborate with BMO to enable a new
digital experience designed to meet the evolving financial needs of
a new generation of customers," said Felix
Lin, vice president of Payments Ecosystems at Google. "BMO
was chosen because it is a well-respected bank with a proven
ability to deliver innovative, customer-centric digital financial
services."
The digital checking account will be built on top of BMO's
existing banking infrastructure and the accounts will be
FDIC-insured. Google will provide the front-end, intuitive user
experiences and financial insights.
"Being able to support our customers' financial lives in more
places where they're spending their digital time is important to
helping them be successful," said Brett
Pitts, chief digital officer for BMO Financial Group.
"Collaborating to launch this new BMO digital product accelerates
our ability to deliver financial advice to our customers and is an
innovative step in the evolution of how we serve them."
Launch timing for these accounts and additional details will be
announced at a later date.
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 $987 billion as
of April 30, 2020, 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 BMO Harris Bank
BMO Harris Bank provides a broad
range of personal banking products and solutions through more than
500 branches and fee-free access to over 40,000 ATMs across
the United States. BMO Harris
Bank's commercial banking team provides a combination of sector
expertise, local knowledge and mid-market focus throughout
the United States. For more
information about BMO Harris Bank, visit the company fact sheet.
Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC.
BMO Harris Bank is part of BMO Financial Group, a highly
diversified financial services provider with total assets of
CDN$987 billion as of April 30, 2020.
SOURCE BMO Financial Group