To help customers improve their financial wellness, BMO Bank of Montreal has introduced its BMO CashTrack Insight – an artificial intelligence (AI) driven capability that identifies potential cash shortfalls and helps customers better manage upcoming expenses.
CashTrack was built in-house and leverages AI and machine learning models to provide customers with real-time financial insights that intelligently predict an upcoming cash shortfall, such as a customer’s account balance dropping below zero.
The solution more accurately predicts changes by looking up to seven days in advance across Canadian chequing and savings accounts to warn customers of potential shortfalls – a differentiator in the Canadian market. As well, CashTrack recommends actionable solutions to help customers resolve potential issues before they happen. Customers will receive insights from CashTrack directly via the BMO mobile banking app.
“We took the time to understand where customers were having challenges and found that close to a third face cash flow challenges each year. As we continue to navigate COVID, we know too that some Canadians are facing additional financial headwinds brought about by this pandemic,” said Brett Pitts, Chief Digital Officer, BMO Financial Group.
“We wanted to come up with a way to help that was unique in the market. With CashTrack, we’re providing a more accurate, holistic view of a customer’s account – allowing them to take control of their finances. This is another step for us as we look for real ways to help our customers improve their finances.”
Since launching in 2019, customers are receiving approximately seven million insights per month via BMO Insights and are engaging with the data generated for them, in some months, nearly 50 percent of the time. Customers are also rating the insights created for them higher on average compared to other banks with similar solutions.
BMO has collaborated with Personetics, the leading global provider of data-driven personalisation solutions, to deploy BMO Insights to personal banking customers in Canada. “BMO’s tailored approach to personalized insights shows its commitment to innovating on behalf of its customers,” said Jody Bhagat, President of Americas at Personetics.
CashTrack will be introduced fully to all mobile banking customers in the coming months.
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