Online Banking | BMO Bank of Montreal

 Information About Bank of Montreal (USA)

Bank of Montreal (the Bank) is a Canadian financial services company. The Bank offers a range of commercial and personal banking and wealth management services, as well as international markets, as well as services for investment banking. 

The Bank is a part of three operational groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets. 

BMO Capital Markets is the Personal and Commercial Banking Business comprises two retail and business operating segments of banking that include Canadian Personal and Commercial Banking as well as The United States Personal and Commercial Banking. 

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The BMO Wealth Management business serves various client segments, ranging from general to wealthy and institutions and offers Wealth Management products and services which include insurance. 

BMO Financial Group invests in TIBCO to provide an exceptional customer Experience

Business Problem

Lawrence Wan, chief architect Lawrence Wan, chief architect "BMO is dedicated to providing the best customer experience. That means the process of doing business here is more convenient and more efficient, as well as customized to the individual's requirements."

Vice-President of Customer Analytics Gayle Ramsay describes the issues: "As digital marketing and social media are becoming more crucial and our customers expect us to understand their needs in real-time. 

We wanted to be able to be able to meet their needs and offer relevant promotions whether they interacted with us at branches, via the call center or even in the digital world."

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Transformation

To gain the necessary capabilities, BMO used TIBCO solutions to deliver real-time data to identify the most significant events, simplify the process, automate it as well as make data visualizations that allow for better decision-making about how to best serve its customers. "We created an alliance with TIBCO in order to benefit from its knowledge and particularly its knowledge of the industry domain," says Wan.

Benefits

BMO has now connected every customer channel to all of its products and services across all areas of business. "We make use of the real-time process of event processing in order to initiate actions in response to the correct events, ensuring that our customer service is appropriate," says Wan. "Using TIBCO solutions, we can now cut through massive amounts of data to gain insights faster way.

"With TIBCO automated BPM workflows and resource assignment, we've significantly reduced the time to approve mortgage and commercial loans. We also employ TIBCO solutions to connect to the integration platform and enable straight-through processing. 

We have seen 30-50 percent cuts in our time-to-market for process automations in business and are capable of reducing integration costs by as much as 40 to 50. We now have a reliable flexible, highly scalable, agile and constantly available integration as well as real-time processing of events."

BMO's use of customer's past information and real-time data decision-making has led to rapid payment back. "We are able to recognize the moment a customer has made a significant mistake and then respond," says Ramsay. "Payback through relevant, real-time deals was more than triple the cost of our investment."

TIBCO event processing can help inform the user about interactions, even if it is initiated via a different channel. "Using real-time Clickstream information, as well as information about past behaviors, we can spot things such as an application that has been abandoned," says Ramsay. "We detect that and don't let it be redirected to the online channel. 

So we're getting the full picture. If a customer contacts an office or goes into a branch, the agents are aware of what occurred prior to. They are able to deal with the present situation, and later proceed to new area of sales."

Through providing more relevant and timely offerings the acceptance rate has increased. "Instead of offering offers that were several months old, they're currently current and can be the result of interactions that took place only minutes prior to them, making them highly relevant for the particular client," says Ramsay. "We've observed positive acceptance increase by three times from where it was just only four years earlier. We've moved from a single day response to close to real-time."

The results also show a improved sales for teller. "Our performance of teller increased when we made timely offers. 

Tellers are given an easy method of understanding the customer's needs and offer offers. They feel more comfortable and they now make offers more frequently, changing from just 5-percent of the times, to more than 60% of the time." Ramsay says.

The satisfaction of customers and being proactive was a top priority for the bank. "In our past we were known to be more responsive to the demands of our customers. If they wanted something to provide something, we'd do it. However, we are seeing that the recent developments regarding our Net Promoter Score (NPS) tend to be trending upwards," says Ramsay.

Future

We are able to perform real-time decisions across branches, call centers and digital channels," Ramsay says. Ramsay. "Now we're moving to new channels. What's next? The TIBCO interface allows users to join it." Adds Wan, "With our solid TIBCO base and our TIBCO interface, we'll be able keep providing top IT capabilities that support customers and the business."

Bank of Montreal provides banking and financial services for individuals and institutions. It is a part of these segments: Canadian Personal and Commercial Banking (Canadian P&C); United States Personal and Commercial Banking (U.S. P&C); Wealth Management; BMO Capital Markets in addition to Corporate Services. 

Its Canadian P&C segment is a reference to the retail banking sector and financial activities in Canada. It is the U.S. P&C segment offers the retail market with financial and banking services in the United States. This Wealth Management segment serves a complete