BMO Launches AI-Powered Personal Financial Insights

Need to Know

• Fully integrated into the personal banking app, BMO Insights uses AI technology to deliver personalized, automated, and actionable insights for everyday banking customers, even advising customers when to transfer money to cover expenses and when to save. 
• BMO Insights runs on Personetics Engage and uses artificial intelligence, predictive analytics, natural language understanding, and machine learning technologies. 
• Founded in BMO currently operates as the fourth largest bank in Canada (one of the top ten in North America) and serves over seven million Canadian customers. 

Analysis

The Bank of Montreal (BMO) is helping its customers regain control of their personal finances with a new AI-powered personal banking management system, BMO Insights. The system, which is fully integrated into their existing mobile banking experience will provide personalized and easily actionable insights for banking customers.  

According to BMO’s 2019 Savings Survey, Canadians are having trouble saving. About 67% of those surveyed said that too many expenses leave them unable to save; with nearly half (45%) paying down debt. 

That’s where BMO Insights is attempting to help. “Across our digital solutions, we are focused on finding ways to provide value for customers and evolving how they interact with their bank,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “With BMO Insights, we’re tapping into the power of AI to deliver personalized insights to mobile banking customers and provide them with a holistic picture of their financial lives. This is a data-driven approach to personal finance that puts the customer in control.”

BMO Insights users receive personalized insights and actionable pathways, offering guidance, tips, and solutions on everything from saving and spending habits to managing cash flows in their accounts. The program’s built-in learning algorithm further tailors the insights as the tech better learns the customers’ behavior. 

TD also recently announced plans to embed AI into their mobile app, providing users with similar personalized financial information. 

BMO first dabbled with consumer-facing AI technology last year with the introduction of virtual assistants and question-and-answer based chatbot’s on both Facebook and Twitter. Earlier this year the bank invested $5 million in a UofT lab specializing in combining AI and the arts. 

With the advancements in machine learning and mobile tech, and the decline of in-person branch visits, BMO Insights might be precisely the hand-held, financial solution its seven million customers need.

BMO Insights is currently available as a pilot to select Canadian customers and will roll out nationwide in early 2020.