BMO Accelerates Branch Transformation at More Than 500 Locations Nationwide Using Matterport Digital Twins

Rhea-AI Summary

BMO leverages Matterport's digital twin platform to streamline site visits across its physical footprint for rebranding and design management at over 500 locations nationwide. The use of digital twins has saved costs, time, and resources, allowing for efficient planning and updates to comply with brand standards.

Positive

• Matterport's digital twin platform has enabled BMO to significantly reduce branch disruptions, save time, and cut costs during the rebranding and technology updates process.

• BMO's adoption of Matterport's technology has led to increased efficiency in managing property acquisitions, with seamless transitions and reduced site visits, showcasing the scalability and precision of Matterport's solutions.

Negative

• None.

BMO, North America’s eighth largest bank by assets, drives sustainability and efficiencies on branch rebranding and design management using Matterport’s digital twin platform

SUNNYVALE, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR) announced that BMO (NYSE: BMO), the eighth largest bank in North America by assets, has leveraged Matterport’s digital twin platform to streamline site visits across its physical footprint for multiple areas of the bank.

BMO provides a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services to 13 million customers. In December 2021, BMO announced its plans to acquire Bank of the West (BOTW). Part of that process included transforming 503 BOTW retail branches to BMO, each of which required rebranding and technology updates.

With a need to review each of the locations to create plans for rebranding and other work, BMO utilized Matterport’s Capture Services, the company’s global network of expert capture technicians, to swiftly generate 3D digital twins of each space, including accurate floor plans. In three months, BMO digitally captured all 503 BOTW branches, saving costs for travel and site visits, and approximately 6,000 hours of equivalent survey work.

Previously, the team responsible for this type of work relied on multiple on-site visits to each location to scope the design and technology updates required to bring the interior of the branch to comply with BMO brand standards. Critical documentation like floor plans was often missing from record drawings, creating an early design hurdle.

BMO also leveraged Matterport’s exportable schematic floor plans to create a full complement of assets in a fraction of time, further reducing site visits.

“BMO’s Digital First model is critical to how we do business. That’s why engaging Matterport was so important for this work. It enabled us to create digital twins that not only significantly reduced branch disruptions but also saved time and money,” said Lisa Near, BOTW Program Manager, North American Physical Channels, BMO.

“Our work with BMO is a great demonstration of the scale and precision our customers can expect from Matterport,” said Jay Remley, Chief Revenue Officer, Matterport. “Our global network of capture professionals enables organizations just about anywhere in the world to manage the transition and operations of property acquisitions more seamlessly, helping brands like BMO get up and running faster, with a fraction of the time and resources.”

Since the BOTW project, the platform has seen widespread demand across multiple departments in BMO. As BMO takes on over 50 projects each year across the US, the bank expects to continue reducing branch visits while saving significant time, money, and carbon emissions with Matterport’s end-to-end solutions.

Matterport is leading the digitization of the built world, helping customers better access, understand and utilize properties through its next-generation 3D digital twin. Learn more about Matterport’s case study with BMO, as well as the company’s solutions for Property Marketing, Facilities Management and Design and Construction Management at matterport.com.

About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking digital twin platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.

©2024 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

Media Contact:
press@matterport.com

Investor Contact:
ir@matterport.com

FAQ

What is the focus of the PR regarding BMO and Matterport?

BMO utilizes Matterport's digital twin platform for branch transformation and design management at over 500 locations nationwide.

How many locations did BMO transform using Matterport's digital twin platform?

BMO transformed 503 Bank of the West retail branches to BMO using Matterport's technology.

What benefits did BMO experience from using Matterport's digital twin platform?

BMO saved costs for travel and site visits, approximately 6,000 hours of survey work, and improved efficiency in planning and updating branch designs.

How has Matterport's technology impacted BMO's operations and property acquisitions?

Matterport's technology has helped BMO reduce branch visits while saving time, money, and carbon emissions, with continued demand across multiple departments.

Where can more information about Matterport's solutions for property management be found?

More information about Matterport's solutions for Property Marketing, Facilities Management, and Design and Construction Management can be found at matterport.com.