- BMO recognized for customer conversion following acquisition
of Bank of the West
CHICAGO, March 21, 2024 /PRNewswire/ - BMO has been
recognized for technology excellence by Celent, a global research
and advisory firm for the financial services industry, for how the
bank seamlessly welcomed nearly two million customers across
wealth, corporate, personal and business banking, commercial and
capital markets. BMO was also recognized for its success onboarding
thousands of new employees into BMO's technology system and
infrastructure following its acquisition of Bank of the West.
The Celent Model Bank Award for Integration Excellence
celebrates BMO's 2023 integration, which was powered by BMO's
Digital First strategy that harnesses emerging technologies for
real-time information and processing to deliver best-in class
customer experiences.
"BMO's successful integration over Labor Day Weekend 2023 was a
critical milestone in our U.S. growth strategy, and our teams
worked tirelessly to ensure a smooth transition for both our
customers and colleagues in the communities we serve," said
Brianna Elsass, Head, U.S. Digital
Servicing and Technology, BMO. "BMO's Digital First strategy drives
this success and is at the center of our ambitious five-year
strategy, including significant investments in technology
capabilities that help our customers make real financial progress,
unlock the power of our people and deliver loyalty, growth and
efficiency – all aligned with our commitment to a thriving economy,
a sustainable future, and an inclusive society."
"A Digital First model is critical to remain at the forefront of
digitization across the bank and our client experiences,"
added Mahen Namaswayan, Head, Technology and Operations
Mergers and Acquisitions, BMO. "Digital is the way we operate every
part of the business, to drive efficiencies and free up more human
capacity to do what we do best: give expert advice. Customers
benefit from the greater convenience, speed, scale, and product
options across our U.S. footprint with offices in 32 states,
including more than 1,000 branches and fee-free access for debit
cards at over 42,000 ATMs."
Celent recognizes the best practices of technology usage in
different areas critical to success in banking. Nominations for its
Model Bank Awards are submitted by financial institutions and
undergo a rigorous evaluation process by Celent analysts on three
core criteria: demonstrable business benefits of live initiatives;
the degree of innovation relative to the industry; and the
technology or implementation excellence.
"The Model Bank Awards recognize how banks are using technology
to achieve measurable results. BMO and their Digital First customer
strategy should serve as an inspiration to the industry as a strong
example of best practice implementation." said Michael Bernard, Senior
Analyst, Celent.
Celent has previously recognized BMO with the Model Bank Award
for Retail Digital Banking Transformation and the Model Bank Award
for Customer Financial Resilience.
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