TORONTO, March 10, 2021 /CNW/ - BMO today announced that it has been recognized with two digital innovation awards for BMO CashTrack, an artificial intelligence (AI) driven capability that identifies and helps customers avoid potential cash shortfalls. The solution was recognized by BAI as part of their 2020 Global Innovation Awards. As well, the solution has won a 2021 Celent Model Bank Award for financial wellness.
CashTrack leverages AI and machine learning models to provide customers with financial insights to intelligently and accurately predict cash shortfalls up to seven days in advance across a customer's accounts – a differentiator in the Canadian market. Customers receive insights from CashTrack directly within the BMO mobile banking app.
"We're seeing the increasing potential of digital to help customers move the needle on their finances – we expect this to continue as we turn the page on COVID-19. Our team has been continually working to meet our customers where they are with a seamless digital banking experience and are increasingly focused on translating our strength in advice to a digital context," said Mathew Mehrotra, Chief Digital Officer, BMO Bank of Montreal. "These awards recognize the digital-first approach we're taking to help our customers make real financial progress."
The 2020 BAI Global Innovation Awards recognize organizations from around the globe that have demonstrated successful efforts to move the industry forward through the introduction of innovations positively impacting profitability, efficiency and customer experience across the Awards categories.
Celent's annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts.
To learn more about BMO mobile banking or to download the BMO banking app, visit https://www.bmo.com/main/personal/ways-to-bank/get-started/mobile/.
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 $973 billion as of January 31, 2021, 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