BMO SmartProgress Financial Education Hub Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated
CanadaCategory
Reimagining the Customer ExperienceKeyword
Customer acquisition & loyalty, Customer experience, Financial advice & Robo-advisory, Savings & Investments, Strategy & Business model, Beyond financial services & ecosystems, ESG & Sustainability, Retail banking
Innovation presentation
A cornerstone of BMO’s strategy is guiding our customers to make Real Financial Progress. We are dedicated to propelling our customers forward, offering unwavering support precisely when they need it most. In the current landscape, the significance of delivering Real Financial Progress has never been more pronounced. The Real Financial Progress (RFP) Index unveiled a prevailing financial anxiety amongst Canadians. A staggering 77% expressed a desire for more knowledge in areas such as savings, investing, retirement planning, budgeting, credit scores and home buying.
Recognizing this need, we introduced BMO SmartProgress, a free and innovative online learning platform, with 40+ interactive learning modules on personal finance. Modules include financial foundations, budgeting, credit management, home ownership, saving for the future, building financial resilience etc. To bring this to life, teams across product, marketing, digital, branch came together in a seamless cross-functional collaboration.
We also launched separate microsites for our Newcomer and Indigenous priority segments as the banking landscape and financial needs for these segments can differ greatly from the general Canadian customer. By accessing curated content, which is relevant to their needs and goals, customers can improve their financial literacy skills and close knowledge gaps, thereby building a strong financial foundation.
Since launch, we have seen 8-9X the average monthly visits vs. other benchmarked FIs in the US market. With 40+ learning modules, each user spends approximately 10 minutes on the platform per minute, indicated very strong engagement. In addition, SmartProgress received a coveted Customer Experience award by The Digital Banker in Singapore in May 2024.
Link to SmartProgress: https://bmosmartprogress.everfi-next.net/welcome/financialeducation Link to Digital Banker Award: https://ca.finance.yahoo.com/news/bmos-digital-tools-recognized-innovation-120000901.html
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