BMO commits to automation, productivity gains

The Bank of Montreal is accelerating its investment in technology and automation as it aims to bring in one million net new personal banking customers in Canada over the next five years.

The chief executive of Canada’s fourth-largest lender also says it aims to increase the proportion of earnings from the U.S. from 28% to one-third in that same time frame.

Darryl White said at the bank’s investor day Wednesday that it has spent more than $2 billion on technology and intends to continue to grow that spending at a “double-digit” rate.

BMO also said it aims to attain more than $1 billion in productivity benefits, including revenue gains, by its 2021 financial year.

Technology continues to reshape the financial services landscape as Canadian consumers increasingly conduct their banking online or via smartphone rather than in bricks-and-mortar branches.

White told shareholders at BMO’s annual meeting in April that he was examining the bank with an eye to “lightening the structure” so all roles were in line with the “market opportunity.”

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.