Canada’s Bank of Montreal (BMO) has introduced an AI-powered personal financial management solution for its customers.
Dubbed BMO Insights, the new solution will be integrated with the bank’s mobile app. It runs on a technology developed by Personetics Engage, an AI solutions provider to financial services.
Customers can use the tool to receive personalised financial insights on expenditure, savings and cash flow.
After identifying the customer’s banking patterns, BMO Insights will also provide with the users with actionable intelligence.
With time, the platform refines its capabilities by leveraging a built-in algorithm and prioritises insights for each customer.
Personetics America president Jody Bhagat said: “Personalised, AI driven Insights are a key part of our Self-Driving Finance platform that we provide banks to assist them in increasing engagement with their customers to improve their financial wellbeing.
“BMO has invested tremendous energy and resources into creating an exceptional and customer-centric experience, and we look forward to continuing to support their innovative customer first approach with additional deliverables.”
Currently, BMO Insights is available to select group of chequing, savings accounts and credit card customers, under pilot phase.
A general roll-out for all Canadian everyday banking customers is slated in early 2020.
BMO is the eighth largest bank in North America by assets. As of 31 October 2019, the bank had assets of $852bn.
Earlier this year, BMO formed Technology & Innovation Banking Group to assist firms along all stages of their lifecycle.