BMO among Select U.S. Banks to Offer Digital Accounts Managed Via Google Pay
Mobile-first offering to support BMO’s U.S. growth with continued focus on new digital deposit customers
BMO Financial Group today announced it is working with Google to introduce mobile-first bank accounts that will be available to U.S. customers and can be managed through Google Pay. BMO is one of just eight banks to launch the new U.S. offering.
The new platform will pair Google’s expertise in creating intuitive, user experiences with the security of a reputable bank to provide a new way to manage money with financial insights and budgeting tools.
“This collaboration with Google is an intentional next step in BMO’s growth strategy,” said Ernie (Erminia) Johannson, group head of North American Personal and Business Banking, BMO Financial Group. “Google Pay allows us to reach new customers and extend the BMO brand more broadly through a platform that helps customers make real financial progress. We continually seek partnerships of this nature that allow us to accelerate growth through customer-centric innovation.”
BMO has quickly scaled digital deposit acquisition in the U.S., opening accounts online in all 50 states for the first time and growing overall deposits by an industry-leading 9 percent in 2019.
“Google is excited to collaborate with BMO to enable a new digital experience designed to meet the evolving financial needs of a new generation of customers,” said Felix Lin, vice president of Payments Ecosystems at Google. “BMO was chosen because it is a well-respected bank with a proven ability to deliver innovative, customer-centric digital financial services.”
The digital checking account will be built on top of BMO’s existing banking infrastructure and the accounts will be FDIC-insured. Google will provide the front-end, intuitive user experiences and financial insights.
“Being able to support our customers’ financial lives in more places where they’re spending their digital time is important to helping them be successful,” said Brett Pitts, chief digital officer for BMO Financial Group. “Collaborating to launch this new BMO digital product accelerates our ability to deliver financial advice to our customers and is an innovative step in the evolution of how we serve them.”
Launch timing for these accounts and additional details will be announced at a later date.