A new BMO survey reveals changing online banking trends in Canada as the majority (81 per cent) of Canadians are using digital banking tools for all or most of their banking, and nearly half (46 per cent) believe their use of digital banking will continue to increase within the next year. Further, as more Canadians move their banking transactions online, over half (58 per cent) find financial literacy an important aspect of online banking and two thirds (65 per cent) want access to personalized advice.
Adding to the reliance on digital banking, the survey also found only a third (31 per cent) of Canadians could live less than a day without it, ranking digital banking as important as a car (32 percent) and air conditioning (31 per cent), and more important than having a dishwasher (14 percent).
“These findings reinforce BMO’s focus on meeting customers where they are with leading digital experiences that help them make real financial progress,” said Mathew Mehrotra, Chief Digital Officer, BMO. “We continue to focus on understanding – and meeting – our customers evolving needs and expectations.”
The survey also reveals that while Canadians value all the benefits and conveniences of digital banking, features that enable them to track and manage their finances including monitoring credit scores (67 per cent) and budgeting and tracking (57 per cent) are particularly valuable.
BMO Helps Canadians Make Real Finance Progress Through Industry Leading Digital Experiences
BMO continues to pave the way as a digitally enabled, future-ready bank, focused on delivering leading digital experiences that help customers make real financial progress. Recognizing digital banking is a key component of financial literacy, BMO remains dedicated to providing customers with convenient tools to build real financial progress while harnessing the potential of emerging technologies:
- BMO CreditView: Customers can quickly and easily check their credit scores and access new tools and advice to help manage their credit profile online and on mobile.
- BMO Insights: To save more, monitor spending and account values, and spot unusual activity, 25 BMO Insights are available to provide customers free, quick and personalized pictures of their daily spending to help them make good spending decisions. Some popular online insights include:
- CashTrack: Using Artificial Intelligence, these insights monitor customers’ cash flows and lets them know if they will run out of money in the next seven days.
- Spend Categorization: These insights notify customers when there has been a significant increase in a specific spending category or if a free trial has expired.
- BMO Savings Amplifier Account: To help make savings easy and automatic, BMO’s Savings Amplifier Account offers no monthly fees, a competitive interest rate and unlimited no-fee transfers to other BMO accounts. In addition, its digital Savings Goals feature enables customers to set, track and manage their financial goals.
In April 2023, the bank was recognized for its leadership in digital transformation and commitment to helping customers make real financial progress with two Celent Model Bank Awards. BMO received the Retail Digital Banking Transformation Award for its Canadian Digital Banking (CDB) modernization program and the Customer Financial Resilience Award for its commitment BMO also earned the Customer Financial Resilience Award for its commitment to helping customers grow their savings, and conveniently manage their finances. Three of BMO’s innovative digital solutions were recognized: BMO Savings Amplifier; BMO Same Day Grace Alert; and BMO Pre-Authorize Payment Manager.
In May 2022, BMO ranked first in the Insider Intelligence Canada Mobile Banking Emerging Features Benchmark 2022, reflecting the strength of select emerging features offered on the BMO Mobile Banking app, with top marks in the categories of digital money management, account management and alerts.
These awards represent another step in BMO’s Digital First journey and builds on the bank’s strong track record of industry recognitions.
For more information about BMO’s Digital First strategy and to learn how BMO is focused on building a digitally-enabled, future-ready bank that drives progress for its customers, unlocks the power of its people and delivers loyalty, growth and efficiency, visit: https://about.bmo.com/our-strategy/.