BMO Savings Amplifier Qorus Banking Innovation Awards 2023

Savings Amplifier aims to help our customers make real financial progress by enabling them to seamlessly open a new savings account, setup and track savings goals and fund their goals through recurring custom transfers that respect a minimum balance on their source account. Customers can set this up through a single flow in Mobile Banking within minutes - we're taking the work out of saving. The solution is a Mobile Banking experience with multiple components that are woven seamlessly together for our customers including: 1) A customized invitation to enroll into the savings program based on the customer's situation, 2) The ability to open a new savings account or select an existing account, 3) Create one or more savings goals for that account, 4) Setup a one-time, recurring or conditional transfer to fund the savings goal and account. Once a customer completes the onboarding process, they can then track their progress against their goals right from the account summary screen and receive recognition when they reach a particular goal milestone. Customers also have a full suite of features to manage their goals and transfers such as adding/deleting a goal, moving funds between goals, adjusting allocation to goals, cancelling transfers. Unlike many competitor's offerings that require customers to continuously allocate funds to goals manually, the best part of the solution is that while customer sets up their goals they decide on an allocation percentage that should flow into each goal, after this there's no ongoing intervention needed from the customer. While others have offered elements of this solution in parts, no one has stitched together a cohesive and seamless like the BMO Savings Amplifier program.