About
BMO QuickPay reinvents the way customers pay bills by allowing them to simply email their statements directly to BMO, enabling quick and easy payments with no app required.
Innovation presentation
BMO QuickPay reinvents the way we pay bills by offering an innovative solution co-created with customers across their bill payment journey. The current process requires a customer to pay a bill weeks after they receive the statement, often on a channel different than the one they’ve received it (i.e., paper statement paid online). This highly fragmented experience increases cognitive load and forces a customer across multiple touchpoints, resulting in unhappy customers, millions of dollars in late bill charges, and thousands of costly full-service interactions.
• 87% of Canadians have missed at least one bill due date in the past year
• 91% of Canadians are not comfortable with preauthorized payments
• 3+ million bills are paid late annually by BMO customers
BMO QuickPay is a patent-pending, unique and automated experience that allows a user to pay a bill digitally without ever opening their mobile banking app or logging into online banking services. The “Zero UI” solution is designed to be as frictionless as possible - the customer simply forwards emails, PDFs and even photos of paper bill statements to a BMO email address. Then, AI & machine learning capabilities are applied to recognize all the bill details across a range of corporations and statement formats as well as models to keep the customers and the bank safe. The customer then receives a text message to confirm their bill details, with a choice to pay the bill immediately.
Uniqueness of the project
BMO QuickPay is a patent pending technology with no service that matches this experience globally. This automated bill paying innovation is a disruptive solution as it allows customers to securely make financial transactions without logging into an authenticated platform.
BMO QuickPay is an unparalleled banking feature, allowing BMO’s brand and reputation to grow associated with innovation in the global FinTech space.
Patent pending technologies also allows BMO to create a white-label service and license the technology and form partnerships into non-competing markets creating a brand-new revenue stream for BMO.
