Published By - Brian Curtis

BMO: Digital Transformation In Personal Banking

BMO - Banking

The banking sector struggled to address pitfalls and hassles that underpin the transversal onboarding process. Celent believes that digitizing the end-to-end customer onboarding process will greatly improve user experience, operational efficiencies, and revenue productivity.

BMO’s submission was based on this premise.

Introduction to BMO Bank

BMO, Bank of Montreal was founded in 1817 with secured capital of CAN$150,000 ($111,741), and became Canada’s first bank. Today, it celebrates a storied 200-year legacy. BMO is the fourth largest bank in Canada and serves more than 12 million personal, commercial, corporate, and institutional customers in North America and internationally. Its acquisition of Harris Bank of Chicago in 1984 and Milwaukee-based Marshall & Ilsley Corporation (M&I) has given BMO a strong presence in the US market.

Grabbing the Opportunity

Recognizing that offering its customers a satisfying digital onboarding experience is table stakes to retaining and growing its customer base. They saw an opportunity to accelerate the deployment of its digital capabilities through the deployment of shared services and digital process automation.

The BMO Business Process and Digitization team implemented an enterprisewide digital platform that standardizes and automates processes and provides open access to eForms and eSignature capabilities. The solution has delivered on its goals of improved customer and employee digital user experience, operational efficiencies, and increased revenues.

BMO’s charter is to focus on efficiency through technology innovation, process enhancement, and increased digitalization across channels. This is the guiding principle behind BMO’s initiative to transform its customer and employee onboarding user experiences.

The BMO Business Process and Digitization team implemented an enterprise wide digital platform that standardizes and automates processes and provides open access to eForms and eSignature capabilities.

The solution has delivered on its goals of improved customer and employee digital user experience, operational efficiencies, and increased revenues.

– Building on the bank’s strategy to focus on efficiency through technology innovation, process enhancement, and increased digitalization across channels, the initiative set out to identify and improve the digital experience for both its customers and employees.

– Partnering with vendor software companies Quadient and eSignLive by VASCO, BMO delivered a straight-through digital onboarding process. To date, the elimination of manual processes has increased overall efficiency by 40%, with an 80% improvement across the audit function.

The launch of a contextual and simplified digital account onboarding is a first-of-its-kind service in Canada. BMO customers can quickly search, select and open an account on their smartphones in under eight minutes.

What really intrigued Celent is the impressive efficiency savings BMO is accruing through the implementation of a digital onboarding platform for Personal Banking. The business case was built using paper as a currency and, after three months in production, the standardization of processes and introduction of eForms and eSignatures has led to the elimination of all paper forms.

Download the case study “BMO: Digital Transformation In Personal Banking” to get the full insight into how BMO achieved its goal to focus on efficiency through technology innovation, process enhancement, and increased digitalization across channels.

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