BMO Receives Celent Award for Integration Excellence in Welcoming Nearly Two Million New Customers

Rhea-AI Summary

BMO receives recognition for successful customer conversion post-acquisition of Bank of the West, winning the Celent Model Bank Award for Integration Excellence. The award acknowledges BMO's seamless onboarding of nearly two million customers and thousands of employees, powered by their Digital First strategy. BMO's commitment to technology, innovation, and customer-centric approach has been lauded by industry experts.

• BMO recognized for customer conversion following acquisition of Bank of the West 

CHICAGO, March 21, 2024 /PRNewswire/ - BMO has been recognized for technology excellence by Celent, a global research and advisory firm for the financial services industry, for how the bank seamlessly welcomed nearly two million customers across wealth, corporate, personal and business banking, commercial and capital markets. BMO was also recognized for its success onboarding thousands of new employees into BMO's technology system and infrastructure following its acquisition of Bank of the West.

The Celent Model Bank Award for Integration Excellence celebrates BMO's 2023 integration, which was powered by BMO's Digital First strategy that harnesses emerging technologies for real-time information and processing to deliver best-in class customer experiences.

"BMO's successful integration over Labor Day Weekend 2023 was a critical milestone in our U.S. growth strategy, and our teams worked tirelessly to ensure a smooth transition for both our customers and colleagues in the communities we serve," said Brianna Elsass, Head, U.S. Digital Servicing and Technology, BMO. "BMO's Digital First strategy drives this success and is at the center of our ambitious five-year strategy, including significant investments in technology capabilities that help our customers make real financial progress, unlock the power of our people and deliver loyalty, growth and efficiency – all aligned with our commitment to a thriving economy, a sustainable future, and an inclusive society."

"A Digital First model is critical to remain at the forefront of digitization across the bank and our client experiences," added Mahen Namaswayan, Head, Technology and Operations Mergers and Acquisitions, BMO. "Digital is the way we operate every part of the business, to drive efficiencies and free up more human capacity to do what we do best: give expert advice. Customers benefit from the greater convenience, speed, scale, and product options across our U.S. footprint with offices in 32 states, including more than 1,000 branches and fee-free access for debit cards at over 42,000 ATMs."

Celent recognizes the best practices of technology usage in different areas critical to success in banking. Nominations for its Model Bank Awards are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.

"The Model Bank Awards recognize how banks are using technology to achieve measurable results. BMO and their Digital First customer strategy should serve as an inspiration to the industry as a strong example of best practice implementation." said Michael Bernard, Senior Analyst, Celent.

Celent has previously recognized BMO with the Model Bank Award for Retail Digital Banking Transformation and the Model Bank Award for Customer Financial Resilience.  

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of January 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

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SOURCE BMO Financial Group

FAQ

What award did BMO win for its successful integration post-acquisition of Bank of the West?

BMO won the Celent Model Bank Award for Integration Excellence for seamlessly onboarding customers and employees.

How many customers were welcomed by BMO post-acquisition?

BMO welcomed nearly two million customers across various banking sectors.

What strategy drove BMO's successful integration according to the PR?

BMO's Digital First strategy powered the successful integration post-acquisition.

What did Celent recognize BMO for in the past?

Celent previously recognized BMO for Retail Digital Banking Transformation and Customer Financial Resilience.

What are some key benefits customers enjoy across BMO's U.S. footprint?

Customers benefit from greater convenience, speed, scale, and product options across BMO's U.S. footprint.