TORONTO, Dec. 3, 2020 /CNW/ - The Business Transformation
and Operational Excellence Industry Awards (BTOES) have recognized
BMO Financial Group with two awards for its success in digital
transformation.
As the only Canadian bank honoured among the globally renowned
organizations, BMO's recognition for Best Achievement for
Operational Excellence in the Banking, Capital Markets, Financial
Services and Insurance category celebrates its Vault Digital
Transformation, which involved moving critical services to digital
readiness. BMO's Retail Investments Digitization project was also
recognized for Best Achievement in Operational Excellence to
Deliver Digital Transformation for initiatives enhancing services
at hundreds of branches across the country.
Showcasing the most outstanding organizational achievements
through the application of operational programs, these elite
industry awards celebrate successful implementation of initiatives
that deliver measurable business results. The winners were
announced in a virtual ceremony at the Business Transformation
& Operational Excellence World Summit.
"Behind this significant recognition is a team of innovative and
dedicated professionals who have worked steadfastly to apply our
customer-centric strategy to transform critical service
capabilities across our lines of business," said Victor Tung, U.S. Chief Technology and
Operations Officer and Chief Operating Officer, BMO Financial
Group. "We are committed to delivering efficient and reliable
experiences for our employees and customers as we become a leading
future-ready bank. We are honoured to receive these awards for our
operational excellence."
BMO's Vault Digital Transformation was recognized for its
seamless transition of critical services, such as Treasury and
Payment Solutions, through three stages of digital readiness, while
ensuring stability, reliability, and sound performance of
infrastructure technology – a key differentiator in the financial
services industry. The award honours the advancement of BMO's
digital capabilities to meet evolving customer expectations, adapt
to rapid changes in the payments ecosystem, and ensure the stable
performance of critical systems.
Additionally, BMO's Retail Investments Digitization project was
honoured for transforming legacy retail investments processes and
technology used by more than 11,000 employees across 900 Canadian
branches through a multi-year roadmap involving a mix of
automation, digitization, and centralization. The initiative
resulted in capacity creation for frontline employees while
streamlining processes, reducing costs, enhancing operational risk
management, and creating a better user and customer experience.
"BMO's branch digitization transformation journey has saved more
than 20 million pieces of paper, resulted in more than 500,000
electronically signed documents, and eliminated 650,000 non-value
add transactions on an annual basis," said Curtis Murphy, Head, Business Process &
Digitization, North American Personal & Business Banking, BMO
Financial Group. "Being recognized at the BTOES further
cements BMO's position as a market leader in digitization."
For more information on the Business Transformation and
Operational Excellence Industry Awards (BTOES), visit:
https://bit.ly/2V8JMYj.
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 $949 billion as
of October 31, 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.
SOURCE BMO Financial Group