News Releases
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
