BMO takes digital banking to new level
As the move to a more digital world for our finances, BMO has launched a new automated way for Canadians to pay their bills called BMO QuickPay.
The AI-powered digital solution allows payments to be made without the need to log in to online or mobile banking, while giving customers complete control over the process.
"We're continually looking for opportunities to deliver digital solutions that empower customers," said Brett Pitts, Chief Digital Officer, BMO Financial Group. "With BMO QuickPay, we leveraged machine learning capabilities to introduce a consumer friendly solution that will help do away with late bill payments. This is another great example of how we're looking for opportunities to reimagine everyday banking experiences, while keeping our customers at the heart of it."
Users are able to approve or cancel transactions before money leaves their account and payments are up to 6 times faster than manual payments.
The bank says it hopes the faster payments times will avoid late payments; something that can adversely affect credit scores.
Currently, the solution can be used for most utility and telecom bills, but the bank says it is adding more providers regularly.