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Amplifying Savings and Boosting Deposits the BMO and Personetics Journey

Discover how BMO and Personetics are revolutionizing savings capabilities and empowering BMO’s customers to reach their financial goals. Watch Daniel Caplan, Director of Digital Money Management and Engagement at BMO, present BMO’s story at Finovate Fall 2023, showcasing the steps BMO took to bring their customers actionable solutions on their journey towards real financial progress.

Key Highlights:

  • Customer Insights: BMO surveyed over 1000 Canadians to understand their savings preferences, and partnered with Personetics to provide automated solutions that fit their customers’ wants and needs.
  • Savings Made Simple: BMO’s customers can now easily set and track their savings goals and automate transfers, making saving a breeze.
  • Digital Money Management Journey: Starting in 2019, BMO gave their customers the ability to manage their cash flow with more visibility, which helped them save more effectively, through Personetics’ insights platform.
  • Monetizing Insights: In 2021, BMO explored ways to monetize the insights platform and use it for presenting opportunities to customers with personalized cross-sell offers.
  • Focus on Savings: BMO’s strategy centers around helping customers save, especially in a changing interest rate environment.

Remarkable Results:

  • 600% ROI Projection: BMO is projected to realize a 600% return on investment for this program over five years.
  • Customer Engagement: Customers have embraced BMO’s savings platform, opening over 70,000 goals in the first year
  • Highest Net Promoter Score: The savings platform received the highest Net Promoter Score out of all of BMO’s Real Financial Progress features, with an average rating of 4.7 out of 5 stars.
  • Average Goal Target: Customers have set an average goal target of almost $50,000, translating into $50 to $100 million in bank balances in just a year.
  • Industry Recognition: BMO was honored with the Model Bank award by Celent for this product launch.
  • Customer Appreciation: BMO’s Customers have left them hundreds of positive comments, thanking the bank for making saving easy and helping them reach their goals.

Join us on this exciting journey to amplify savings and boost deposits. Through their partnership, BMO and Personetics are making a difference in the financial well-being of BMO’s customers.

If you’re interested in discovering how Personetics’ deposit strategy can improve your bank’s results, please don’t hesitate to contact us or fill out the form.

Please contact us for a complimentary consultancy session with one of our experts.

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