BMO Introduces AI Powered Solution to Deliver Personalized Banking Insights
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, 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
SOURCE BMO Financial Group
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