BMO Introduces Automated Digital Enrolment

Need to Know

• The new solution, which allows customers to sign up for popular banking features online and reduces enrolment time from 15 minutes to less than three minutes.
• Features covered by Automated Digital Enrolment include Remember Me, Security Alerts, Biometric Authentication, Interac e-Transfers, and Autodeposit.
• Automated Digital Enrolment is available to all new and existing BMO customers who register for the bank’s mobile app.

Analysis

As digital banking maintains its steady rise in use and popularity, BMO has introduced a new tool allowing customers to sign up for popular banking features online.

The new tool, Automated Digital Enrolment, allows BMO customers to sign up for banking features including Remember Me, Security Alerts, Biometric Authentication, Interac e-Transfers and Autodeposit online. Automated Digital Enrolment is the first tool of its kind from a Canadian banking institution.

“We know the positive impact digital solutions can have on our customers’ financial lives. We wanted to find an innovative way to help get customers set up and banking when and where they want,” Mathew Mehrotra, chief digital officer at BMO. “With this new feature, we’ll make activating digitally easy for our customers, while also letting them, almost instantly, take advantage of features that will help them make real financial progress.”

When using Automated Digital Enrolment to sign up for banking features, customer enrolment time is reduced from 15 minutes to less than three minutes. The tool is available to all new and existing BMO customers who sign up for the bank’s mobile app.

Throughout 2020, as the COVID-19 pandemic brought the importance of digital banking tools to the fore, BMO launched a number of new tools and products aimed at ensuring a safe, comprehensive digital banking experience for customers. These included the introduction of bulk e-transfers for business clients, which BMO launched in September, in an effort to provide better flexibility to corporate banking clients whose operations had gone completely remote since the dawn of the pandemic.

Recognizing that individual clients’ financial goals and needs may have shifted drastically since the beginning of the coronavirus pandemic, BMO also introduced the ability for clients to access their financial plan online after it has been developed with a financial advisor. That tool, called WealthPath, added interactivity and flexibility to financial plans, allowing clients to test for different scenarios to see how it affects their finances. The company also introduced a new AI tool called CashTrack Insights, which helps BMO customers manage expenses by identifying upcoming cash shortfalls.