- BMO is the only Canadian and U.S. bank recognized for its work to make managing finances easier through innovative digital tools that help customers make real financial progress.
- Groundbreaking businesses across 58 industries in every region of the world were chosen based on innovation, impact, timeliness and relevance.
TORONTO and CHICAGO, March 21, 2024 /PRNewswire/ - BMO has ranked among Fast Company's list of the World's Most Innovative Companies of 2024 – the only Canadian and U.S. bank recognized out of more than 600 winning organizations. Recognized in the Personal Finance category, the award is global recognition of BMO's innovative digital products, tools and resources to help customers make real financial progress in Canada and the United States.
Fast Company evaluated businesses across 58 industries in every region of the world as part of its monthslong process according to four criteria: innovation, impact, timeliness and relevance. Winners must have proved they lead their fields and are transforming the world. Under the Personal Finance category, BMO is recognized for "revamping its digital banking experience and modernizing the underlying technology, leading to new highs in customer satisfaction, triple digital percentage improvements, task completion, and digital product application volumes".
"Being recognized among the most innovative companies in the world is a testament to Team BMO leading with a digital-first mindset to deliver best-in class, convenient banking experiences that power real financial progress for our customers," said Erminia (Ernie) Johannson, Group Head, North American Personal and Business Banking, BMO. "Our team innovates our products, services and resources to make managing money and saving easier – and it is remarkable to be recognized for our industry-leading digital capabilities that empower customers across North America."
BMO's innovative digital products, tools, and programs recognized by Fast Company include:
- BMO Savings Goals: With the BMO Mobile Banking app, customers can set up savings goals, track progress, and receive updates when they achieve milestones.
- Same Day Grace: When eligible Every Day Banking accounts drop below $0, customers are allowed a grace period to bring accounts back to positive and avoid non-sufficient funds (NWS) fees.
- BMO NewStart® Program: Whether customers are new to Canada or moving soon, BMO helps them feel at home with banking products and services that help newcomers make real financial progress with options for access to credit with no credit history, savings accounts, safety deposit boxes, mortgages, investments, and worldwide money transfers to get finances set up.
- BMO InnoV8: Launched in 2017 with the goal of exploring, testing, and accelerating the commercialization of "seed stage" technologies that enhance the customer experience, BMO Innov8 – the bank's digital innovation program – powered the launch of many of BMO's leading digital capabilities including CashTrack and QuickPay features. To date, InnoV8 has generated seven times the return on investment.
"This recognition underscores the innovation we are driving for customers on our quest to help them make real financial progress," said Mathew Mehrotra, Chief Digital Officer and Head of Canadian Products, North American Personal and Business Banking. "By starting with a commitment to meeting customers where they are with experiences that meet their evolving needs, we are making banking easier while improving our customers' financial lives."
In addition to the digital capabilities recognized by Fast Company, the following BMO low- and no-cost offerings are also available to customers in Canada and the United States:
Canada:
- BMO SmartProgress(also available in U.S.): Customers can build financial literacy anywhere and at any time with this free, online financial education platform that features customized, interactive content, including videos and tools, on complex financial planning topics including budgeting and credit management, homeownership and investing.
- BMO CreditView (also available in U.S.): Customers can easily check their credit scores and access new tools and advice to manage their credit profile online and on mobile.
- BMO Insights: To help save more, monitor spending and account values, and spot unusual activity, this tool provides customers free, quick, and personalized views of their daily spending to help them make informed decisions. Popular online insights include CashTrack and Spend Categorization.
United States:
- BMO Savings Builder Account: Reach financial goals with no monthly maintenance fee and get rewards when savings goals are met to help customers reach their goals faster.
- BMO Total Look: Manage all BMO and non-BMO financial information – from bank accounts to credit cards, mortgages to loans, and investments – all in one secure location.
- Credit Builder Account: A program that makes it easy to make on-time payments so you can build your credit rating in the process.
To learn more about all products available in both countries, click here.
Fast Company also recognizes BMO's personal finance resource, the Real Financial Progress Hub
BMO's digital Real Financial Progress Hub – which was launched in late 2023 in the U.S. and will be expanded to Canada this summer – is a resource that allows customers to easily access personal finance advice and guidance, as well as tools and resources to reach their own specific financial goals. In addition to helping customers budget and set financial targets, the resource connects customers to BMO's innovative products and services available throughout the United States.
BMO's Real Financial Progress Hub helps customers:
- Save to create financial stability: Learn how to manage everyday finances, start an emergency fund, build wealth for the future, and discover what bank accounts can best help reach those goals.
- Budget for goals: Resources include monthly expense tracking, creating a 50/30/20 budget – which divides income into suggested spending categories – and preparing for big purchases.
- Plan for the future: From homeownership to retirement, learn how to make a financial plan for life's biggest moments.
- Understand how to build and sustain credit: Learn about terms, interest rates, and repayment plans on loans, lines of credit, and mortgages.
For more information about the awards, visit https://www.fastcompany.com/most-innovative-companies/list.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of January 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
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SOURCE BMO Financial Group
