BMO looking to technology to help it serve its customers better, CEO says

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TORONTO – The Bank of Montreal is looking to use enhanced analytics to improve the way it serves its customers, chief executive Bill Downe says.

Downe told the bank’s annual meeting on Tuesday that means using data and human insights to interpret customer needs.

Bank of Montreal is pushing it expand its digital options for customers, but the chief executive said the basics won’t change for the bank.

“While digital platforms and communication devices are fundamentally changing how people purchase and consume our products and services, the technology is simply an enabler,” Downe said.

“You will always get the service and guidance you need, regardless of how you bank with us.”

BMO noted that 41 per cent of its retail customers do their banking from their computer, tablet or smartphone.

And while there has been a corresponding drop in ATM transactions, the its volume of transactions at bank branches has stayed more or less constant at around 22 per cent, Downe said.

BMO reported earlier this year a first-quarter profit of $1.06 billion or $1.58 per share , compared with a profit of $1.04 billion or $1.51 per share a year ago.

Revenue for the three months for the quarter ended Jan. 31 increased to $4.12 billion, up from $4.043 billion in the first quarter of 2013.

The results were driven by improved results across its business and lower provisions for bad loans.

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