Delivering Real Financial Progress: Direct Deposit Integration & Credit Soft Pull Qorus-Infosys Finacle Banking Innovation Awards 2025

Business Need:

The dual initiatives of direct deposit integration and soft pull inquires were driven by the need to address critical friction points in the customer onboarding and credit exploration journey. New account holders often face cumbersome processes when setting up direct deposits, which delays their financial engagement with BMO. Simultaneously, many potential borrowers hesitate to explore credit card options due to concerns about their credit scores and uncertainty about their eligibility. Both challenges represent missed opportunities to deliver a seamless and supportive banking experience.

Opportunities Identified: • Streamlining Onboarding: The direct deposit integration initiative was designed to simplify a traditionally time-consuming process, ensuring customers could seamlessly connect their payroll system to their new BMO accounts in a matter of minutes. • Encouraging Credit Exploration: By implementing soft pull functionality, BMO aimed to empower customers to explore their credit eligibility confidently without risking damage to their credit scores, enabling access to more favorable credit terms. • Enhancing Financial Progress: Together, these innovations support customers’ broader financial journeys – whether through easier access to credit or faster onboarding to start saving, spending, or earning rewards.

Problems Addressed: • Onboarding Complexity: Setting up direct deposits traditionally involves multiple steps, including obtaining payroll forms and submitting them manually, leading to delays and potential frustration. • Credit Hesitation: Borrowers often avoid applying for credit cards out of fear that hard inquires could harm their credit scores, limiting their financial opportunities. • Limited Engagement: Without easy access to credit or direct deposit functionality, new customers are less likely to engage deeply with their BMO accounts early in their journey.

Drivers and Desired Outcomes: • Customer Confidence: Empower customers to explore credit and banking options with transparency and security. • Improved Engagement: Ensure new customers can quickly activate and fund their accounts and start benefiting from BMO’s offerings. • Streamlined Journeys: Reduce barriers by leveraging technology to simplify traditionally complex processes.