A major Canadian bank has renewed a longstanding strategic partnership with one of the country’s primary nonprofit research institutes focused on artificial intelligence technologies.
The Bank of Montreal this week extended its collaboration with the Toronto-based Vector Institute for Artificial Intelligence by five more years.
BMO, a founding partner when Vector launched in 2017, will continue to support and access research, specialized talent, and applied programs, according to Chief Technology & Operations Officer Steve Tennyson.
“AI is transforming every aspect of financial services,” says Tennyson.
“Our partnership with the Vector Institute ensures we remain at the forefront of that innovation,” he believes.
“By combining world-class research with real business applications, we’re accelerating the delivery of responsible, human-centred AI solutions for our clients,” Tennyson remarked.
BMO has been with Vector “from the very beginning,” says Glenda Crisp, chief executive officer of Vector Institute, which brings together more than 800 AI researchers and a network of industry partners, startups, and academic institutions.
“This renewal reflects the kind of long-term commitment that drives real AI adoption at scale,” she stated.
As a platinum-level industry partner, BMO has access to a global network of AI researchers and engineers, as well as to training and development opportunities to upskill employees.
“Together we’ve moved well beyond pilots into responsible, enterprise-wide deployment that creates lasting value for clients and sets the standard for how industry and research can work together,” Crisp commented.
Kristin Milchanowski, Chief AI and Quantum Officer for BMO, posits that “the next phase of AI will be defined by how effectively organizations move from experimentation to real-world impact and value.”
And, in that vein, “our partnership with the Vector Institute enables us to scale advanced AI capabilities across the enterprise while maintaining a strong focus on transparency, accountability, and trust.”
Serving clients for more than 200 years, BMO is the eighth largest bank in North America by asset and boasts one of the highest brand values in Canada.
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