Enhanced program offerings and new ways for
collectors to earn are on the horizon for Canada's longest-standing loyalty
program
TORONTO, June 1, 2023
/CNW/ - BMO (TSX: BMO) (NYSE: BMO) today announced the
completion of its acquisition of LoyaltyOne's AIR MILES Reward
Program (AIR MILES). The acquisition is a made-in-Canada opportunity to reinvigorate one of
Canada's most celebrated loyalty
programs for all Canadians collecting AIR MILES Reward Miles, as
well as partners across the country.
"We are thrilled to bring the ownership of AIR MILES home to
Canada and look forward to
strengthening its offering for collectors and program partners,"
said Ernie Johannson, Group Head,
North American Personal & Business Banking, BMO. "As a longtime
partner, we believe in the value of the AIR MILES Reward Program
and are confident about the opportunity to expand the program and
build even greater customer loyalty."
BMO's scale in innovation and digital will drive enhanced
customer experiences for AIR MILES. In the coming months, AIR MILES
plans to introduce a wide range of new program enhancements
including:
- An improved travel booking platform featuring richer offers,
more ways to book travel, and new ways for collectors to earn
Miles.
- A new and innovative way for collectors to earn Bonus Miles in
connection with eligible purchases through receipt scanning,
rolling out first for collectors in Atlantic Canada with other regions to
follow.
- New opportunities to earn and redeem Miles with top Canadian
brands in categories including fashion, travel, grocery, meal
delivery, home goods and technology.
- Leveraging AIR MILES' industry-leading insights and technology
to bring more value to the collector and partner experience.
"The future is bright for AIR MILES, and this is a significant
step forward for collectors and partners all across Canada," said Shawn
Stewart, President, AIR MILES Reward Program. "We look
forward to bringing a heightened energy and excitement to the
program with the introduction of new enhancements that will enrich
collectors' experience and strengthen the value our program brings
to their lives."
AIR MILES is one of Canada's
most recognized loyalty programs, with the opportunity to earn
Miles and benefit from rewards at more than 300 leading Canadian,
global, and online brands, and at thousands of retail and service
locations across the country including Shell, Metro™, Amazon,
Samsung, Walmart, and more.
About BMO Financial Group
BMO Financial Group is the
eighth largest bank in North
America by assets, with total assets of $1.25 trillion as of April
30, 2023. 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 over 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.
About the AIR MILES Reward Program
The AIR MILES
Reward Program is one of Canada's
most recognized loyalty programs, with over 10 million active
collector accounts, representing more than half of all Canadian
households. AIR MILES collectors earn Reward Miles at more than 300
leading Canadian, global and online brands and at thousands of
retail and service locations across the country. This activity
powers an unmatched data asset that, along with world-class
analytics and marketing capabilities, enables clients to accelerate
their marketing activities and ROI. It's the only loyalty program
of its kind to give collectors the flexibility and choice to use
Reward Miles on aspirational rewards such as merchandise, travel,
events and attractions, or instantly on everyday essentials,
in-store or online, through AIR MILES Cash at participating partner
locations.
BMO cautionary statement regarding forward-looking
information
Certain statements in this press release are
forward-looking statements. All such statements are made pursuant
to the "safe harbor" provisions of, and are intended to be
forward-looking statements under, the United States Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation. Forward-looking statements in this
document may include, but are not limited to, statements with
respect to plans for the integration of AIR MILES business, our
plans or future actions with respect to the AIR MILES business, the
regulatory environment in which we operate, the results of, or
outlook for, our operations, and include statements made by our
management. Forward-looking statements are typically identified by
words such as "will", "would", ""believe", "expect", "anticipate",
"project", "estimate", "plan", "may", "might", "forecast" and
"could" or negative or grammatical variations thereof.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this
document not to place undue reliance on our forward-looking
statements, as a number of factors – many of which are beyond our
control and the effects of which can be difficult to predict –
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including, but not limited to:
the anticipated benefits from the proposed transaction are not
realized in the time frame anticipated or at all as a result of
changes in general economic and market conditions, laws and
regulations and their enforcement, and the degree of competition in
the business areas in which the AIR MILES business operates; the
AIR MILES business may not perform as expected or in a manner
consistent with historical performance; the ability to promptly and
effectively integrate and reinvigorate the AIR MILES business;
diversion of management time on transaction-related issues; and
those other factors discussed in the Risks That May Affect Future
Results section, and the sections related to credit and
counterparty, market, insurance, liquidity and funding, operational
non-financial, legal and regulatory, strategic, environmental and
social, and reputation risk, in the Enterprise-Wide Risk Management
section of BMO's 2022 Annual Report, and the Risk Management
section in BMO's Second Quarter 2023 MD&A, all of which outline
certain key factors and risks that may affect our future results
and our ability to anticipate and effectively manage risks arising
from all of the foregoing factors. We caution that the foregoing
list is not exhaustive of all possible factors. Other factors and
risks could adversely affect our results. Investors and others
should carefully consider these factors and risks, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements.
We do not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by the
organization or on its behalf, except as required by law. The
forward-looking information contained in this document is presented
for the purpose of assisting shareholders and analysts in
understanding the proposed transaction and may not be appropriate
for other purposes.
Metro™ is a registered
trademark of Metro Inc.
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SOURCE BMO Financial Group