The Aha moment for our customers is really the fact that they can pay their bills six times faster using BMO Qucik Pay powered by IBM Content Analyzer,

Peter Poon, Head of Innovation, Bank of Montreal

Business Challenge Story

The challenge our customers are facing is that bill payments just create a lot of cognitive load. It's hard to manage. Where a bill payment journey starts and ends are actually different places. You start with a statement, often a piece of paper, and yet you have to pay it at the bank either in online or mobile app. Often, these two points are separated by weeks apart.

With over 8 million customers serviced across personal banking, commercial banking, wealth, etc., Bank of Montreal saw that at least 4 out of 5 customers have paid at least one bill late in the last year. Bankers have tried various means to ensure that the customer could make timely bill payments, and yet 91% of the customers, have said that they don't feel in control. It thus sought to change this.

Transformation

Bank of Montreal came upon IBM’s Content Analyzer on Cloud solution that it used to establish the BMO Quick Pay platform. Customers simply forward their emails to BMO that contain their e-statements, or simply take a photo of their paper statement. All of that information contained in them is converted through IBM's content analyzer into parsed data that is automatically fed into the mobile banking engine, which is then loaded up as a pre-authorized payment or a future dated bill payment, making bill payments easier for customers. There are tens of thousands of billers, with individual statements, each in different formats, warranting a type of intelligence that the machine learning capabilities of the solution helped with, streamlining the process and making it seamless.

Benefits

Bank of Montreal found that about 90% customers were ready to adopt service, and ever since it was rolled out, it found that bill payments were faster by 6 times. Customers could adopt a fire and forget approach to bill payments where clients they could merely upload all of their bills and forget about it

Solution Category

  • Hybrid Cloud Integration
  • IBM Hybrid Cloud