My Financial Progress Qorus-Infosys Finacle Banking Innovation Awards 2025 - Winner

At the heart of BMO’s strategy is guiding our customers to make Real Financial Progress. We are dedicated to propelling our customers forward, offering support when they need it most. In the current landscape, the significance of delivering Real Financial Progress has never been more relevant. The Real Financial Progress (RFP) Index unveiled financial anxiety amongst Canadians with most concerns arising from unexpected expenses, their overall financial situation and housing costs. In fact, two in three Canadians feel that they are not making financial progress.

Recognizing this need, we launched My Financial Progress in May 2025 – a digital planning tool available through BMO online and mobile banking. My Financial Progress propels us forward to deliver a best-in-class customer experience by enabling Canadians to build a personalized plan, understand their current financial picture, and receive tailored recommendations that are directly linked to actionable bank offerings. By activating My Financial Progress, our objective is to ensure that our retail customers feel fully supported on their journey toward achieving their goals and that BMO empowers them to make real financial progress.

In an increasingly competitive landscape where customer expectations for digital solutions are higher than ever, My Financial Progress sets a new standard. Extensive customer research and user experience research made it clear that Canadians are seeking more intuitive, self-serve tools to help them plan for their goals and future. The findings showed a strong appetite for goal planning and a clear gap in existing digital experiences – confirming both the need and adoption of a tool like My Financial Progress which inspired us to explore this opportunity further. While others in the market have introduced goal-planning features, My Financial Progress is uniquely positioned to deliver a best-in-class experience by not just offering insights, but rather connecting customers to meaningful next steps, such as scheduling a call with our investments centre, opening a savings account, speaking with a BMO Mortgage Specialist and more! Every recommendation is clear, contextual, and actionable—helping customers move forward with confidence. What truly differentiates My Financial Progress is its ability to turn planning for one’s financial future into an empowering journey. Whether a customer is just getting started by building their plan, optimizing their plan with new strategies, or actively taking steps toward their goals with their personalized To-Do List, the experience is designed to support them at every stage—intuitively, digitally, and on their terms.

Behind the scenes, customer data feeds into BMO’s databases to be leveraged for campaigns, journeys and frontline capabilities. The customer data and insights from My Financial Progress are used to power more personalized communications and campaigns, and a new, custom Power BI report equips our frontline teams with visibility into customer plans—including goals, non-BMO holdings, and items on their To-Do List. This empowers our teams to have rich, needs-based conversations and offer timely, relevant support—turning customer insight into real value.

Bringing My Financial Progress to life was made possible through seamless cross-functional collaboration within the organization. Key partners from Value Proposition, Program Delivery, Project Management, Digital, Technology, Testing (UAT & End to End), Data, Power BI, Product, Customer Optimization, Customer Analytics, Marketing, Change Management, Legal and Compliance, Web, Public Relations, and Internal Communications, came together to deliver an integrated and impactful customer experience aligned to the heart of BMO’s strategy – to help customers make real financial progress.

Setting financial goals is essential to building and maintaining healthy financial habits, and BMO customers are seeing benefits when they share a goal with us. As of March 2025, over 30% of our core retail customers have shared a financial goal and these customers have contributed significantly to deposit growth at BMO and shown superior campaign performance. Customers who have shared a goal typically have 2X higher click through rates in product campaigns and up to 2X higher product conversion rates compared to non-goal responders. To understand if customers are resonating with real financial progress proof points, we’ve also added goals initiatives to our net promotor score (NPS) survey. In Q2 2025, NPS for customers aware of sharing goals as part of BMO’s real financial progress offerings was 42% higher compared to the average retail NPS score. In fact, retail customers who are aware of sharing a goal with BMO report the highest NPS scores compared to those aware of any other real financial progress offering.

Not only are customers seeing value in sharing a goal with BMO, but we are also being recognized in the financial services industry. In April 2025, our Goals Ecosystem received a coveted Customer Experience award by The Digital Banker in Singapore. Read more here: https://newsroom.bmo.com/2025-05-30-BMO-Recognized-for-Digital-Innovation-and-Customer-Experience

As a new initiative that we are activating to collect goals and help customers make real financial progress, we expect that My Financial Progress will resonate with customers; driving higher qualitative success such as NPS along with quantitative success in terms of tool adoption and engagement as well as product conversion/balance growth contributing to business benefits.