BMO wins award of excellence for AI CashFlow Prediction tool
Artificial intelligence (AI) is a transformative technology, and it’s a key priority for us to be an innovator in this exciting field. Big companies may be perceived as slow to change when it comes to emerging technologies – but at BMO, we’ve made a concerted effort to be agile, and to think like a start-up. We’re using AI to create real-world impact to improve our customers’ financial health.
That’s why we’re proud to announce that BMO’s AI CashFlow Prediction tool is the only feature created by a bank to be recognized with an Artificial Intelligence Excellence Award from the Business Intelligence Group.
This award recognizes organizations, people and products that successfully apply AI to solving real-world challenges across a range of industries. The list of winners is made up of global industry leaders in digital and AI including IBM, Saudi Aramco and Juniper Networks.
Winning this award is a meaningful acknowledgement of BMO’s strategy and industry leadership, and reflects our continued progress on delivering innovative experiences through our ambitious digital agenda.
The AI CashFlow Prediction tool originated as a concept in InnoV8, BMO’s Digital innovation program for quickly developing and testing new ideas to transform the personal banking journey. Built through extensive agile collaboration across a variety of teams and functions – with BMO Digital and AI Capabilities teams taking the lead – the tool aims to improve financial health by forecasting the duration and depth of cashflow shortfalls across a customer’s everyday banking accounts – up to seven days in advance.
The AI CashFlow model has been tested on real customer data from more than 1.8 million accounts, and the experience has been co-created with our customers. A phased customer launch is planned to start in Fall 2020. With 33% of BMO accounts facing at least one cashflow shortage per year, and 71% of customers listing day-to-day cash flow as their primary financial concern, AI CashFlow will fill a real market need. And in light of the impact of COVID-19, this tool is more necessary than ever.
“Over the past several years, we’ve seen customers adopt digital banking for more of their financial management needs. Now that they’re used to opening accounts, checking balances, depositing money, and making payments online, they’re looking for more personalized advice,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “As growth continues, there’s a need to deliver increasingly relevant solutions. This award highlights our team’s commitment to meeting our customers on the platform of their choice with leading digital experiences that help them achieve their financial goals.”
We’ve been an industry leader for a long time. Now, we’re well on our way to becoming a leader in the field of AI as well. This win is one more in a series of successes in digital innovation. And it’s a testimony to the powerful spirit of creativity and partnership across our organization.
Read more about the award.
Learn more about BMO’s strategy.