BMO Wins Two Global Awards for Newcomer Digital Experience

• Global awards recognize innovative achievements for companies in financial services sector.
• BMO NewStart® Pre-Arrival Account Opening program allows for instant processing of eligible pre-arrival account applications for residents from 13 countries.

TORONTO, Nov. 29, 2023 /CNW/ - BMO today announced its industry-leading online banking offering, the NewStart® Pre-Arrival Account Opening program, has received two global awards:

• BAI Global Innovation Award: The premier award celebrates achievements for financial institutions that embrace digital innovation to transform the customer experience. BAI highlighted the NewStart® Pre-Arrival Account Opening program's best-in-class experience that helps newcomers with account opening and money movement, easing the stress of immigrating to Canada.
• Qorus-Accenture Banking Innovation Award: Named the Gold winner in the Core Offering Innovation category, BMO's Pre-Arrival Account Opening Program was recognized for its role in advancing the banking industry and meeting and exceeding customers' evolving needs and expectations.

"We're grateful to have been globally recognized for our commitment to supporting newcomers throughout their journey and empowering them to make progress in building their lives in Canada," said Sumit Sarkar, Head, Customer Growth, BMO. "Driven by our Purpose, to Boldly Grow the Good in business and life, we remain dedicated to continue making meaningful change and delivering the best in-class experiences that help newcomers make a seamless transition into the next chapter of their financial journey and ensure they have the resources they need to thrive in Canada."

"Investments in innovation have enabled us to offer industry-leading banking services that transcend borders and help newcomers to Canada get a head start on making real financial progress," said Gregory Brown, Head, North American Digital Product Management, Sales and Marketing, BMO. "The Pre-Arrival Account demonstrates how BMO is pushing the boundaries of what's possible to ensure our customers benefit from service excellence and advancements in digital banking."

In April 2023, BMO enhanced its online pre-arrival account opening capabilities for newcomers to Canada by allowing online applicants in eligible jurisdictions to have their BMO Pre-Arrival bank account applications processed instantly. In addition, the NewStart program was expanded to residents of countries that are a part of the Government of Canada's Student Direct Stream accelerated student visa application process, including Antigua and Barbuda, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, Philippines, Senegal, Saint Vincent and the Grenadines, Trinidad and Tobago, and Vietnam. The awards underscore BMO's ongoing efforts to pioneer advancements in digital banking and reflect BMO's mission to provide an exceptional banking experience beyond borders.

BMO continues to pave the way as a digitally enabled, future-ready bank, focused on delivering leading digital experiences that help customers make real financial progress. These awards build on BMO's record of market-recognized digital innovations, including Fast Company Best Workplace for Innovators (2023), receiving the highest scores on the J.D. Power 2023 Online Banking Satisfaction Survey (2023), Best Fintech Accelerator and Incubator Award, Finovate Awards (2022), Canada Mobile Banking Emerging Features Benchmark ranking (2022), and BAI Global Innovation Awards (2022).

BMO Helps Newcomers to Canada Make Real Financial Progress:

• BMO's NewStart Program: BMO's NewStart program provides customers with a suite of best-in-class, personalized, no-fee banking products, including chequing and savings accounts, customized mortgage options, credit with no credit history, investments, and worldwide money transfers to establish their finances.
• BMO SmartProgress: To help with their transition, BMO SmartProgress is a free online financial education program that provides newcomers with a customized, on-demand, and interactive learning experience. This financial literacy platform is geared to help educate newcomers on the Canadian banking system and assist them in creating good financial habits while they start their new lives. It features bite-sized content, including videos and tools, to give newcomers a better understanding of complex financial topics, including budgeting and credit management, homeownership, and investing in their future.

To learn more about how BMO can help customers make financial progress, visit www.bmo.com/main/personal.

For more information about the BAI Global Innovation Awards, visit: https://www.bai.org/global-innovation-awards/global-innovation-awards-finalists/.

For more information about the Qorus-Accenture Banking Innovation Awards, visit: https://bankinginnovation.qorusglobal.com/.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group

Media Contact: Anke Suwanda, Toronto, [email protected], [phone]