BMO Deepens Partnerships with Two Fintech Startups

Genivity and SpringFour, winners of last year's BMO Harris/1871 FinTech Partnership program, share their platforms with customers

CHICAGO, Aug. 7, 2018 /PRNewswire/ - BMO today announced partnerships with two Chicago-based tech startups to bring their solutions to specific customers. Genivity is an A.I. software platform helping advisors engage clients through life stage, health risk and elder care cost planning. SpringFour has created a financial wellness platform for the financial services industry that helps improve payment performance, reduce delinquencies and increase customer engagement by connecting customers with appropriate non-profit resources in their area.

Genivity was one of three companies to win awards in last year's BMO Harris/1871 FinTech Partnership program with their innovative financial planning software tool, which helps wealth advisors engage in important health care discussions with clients and estimates future long term health care costs. Genivity will pilot their software with BMO Wealth Management's U.S. business in the Hinsdale and Barrington suburbs of Chicago and in Florida's Sarasota and Naples markets.

"Healthcare cost in retirement is a top concern for many of our clients, and with Genivity's platform our team of advisors will not only be able to better prepare our clients in this area, but also manage the risks that come with planning for unforeseen circumstances," said Darrel Hackett, President, BMO Wealth Management U.S. "We value this new partnership and are excited to pilot the benefits with a segment of our clients."

SpringFour's technology platform helps bridge the gap for customers facing financial difficulty by connecting them with trusted local, state and national resources. SpringFour has built a robust list of resources over the last decade to help consumers facing financial distress find solutions. The platform is easy to navigate; with a simple search by zip code, it provides people with various resources in their respective area willing to assist them. SpringFour's mission is focused on helping people harness financial health. BMO Harris customers will have access to SpringFour's resources through the bank's website at bmoharris.com/findhelp.

"We are excited to take a step forward in enhancing the level of financial support we offer our customers by leveraging SpringFour's resources," said Ernie Johannson, Group Head, U.S. Personal and Business Banking, BMO Harris Bank. "We are committed to aiding customers in their journey to achieve and sustain financial stability."

The mentorship program – in partnership with 1871 – had a successful first year, allowing BMO to meet a number of startups with cutting-edge technologies. This year's second annual BMO Harris / 1871 Innovation Program  is focused on engaging and mentoring early-stage technology startups that have innovative solutions in lending, financial planning, digital tools and data analytics. The mentorship program was opened to Wisconsin startups with new partnerships with nationally ranked accelerator gener8tor, as well as with Green Bay- based entrepreneur support organization Kinnektor which helped bring the program to their communities.

BMO is building a better all-around customer experience by focusing on a digital transformation that includes enhanced digital capabilities and leverages partnerships that ultimately complement the existing strengths within the bank.

"Our mission is to make sure that no one runs out of money in retirement due to health and elder care costs," said Heather Holmes, founder and CEO of Genivity. "It is great to know BMO shares our values and passion for expanding the conversation to the next generation around the topic that matters most to them, the health and wellbeing of their loved ones."

"We are excited to bring SpringFour to BMO customers because we know that by offering targeted local resources to people when they need financial help, we can help get them back on track with their payments and create opportunities for savings," said Rochelle Nawrocki Gorey, Co-Founder and CEO, SpringFour. "Our solution aligns with BMO's strong emphasis on customer experience and will create more meaningful conversations between employees and customers."

About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$744 billion (as of April 30, 2018), and more than 45,000 employees.

About Genivity
Genivity is an award winning A.I. SaaS platform helping financial professionals and their clients understand, impact, and protect their financial future from the #1 threat to retirement savings: health and elder care costs. The Genivity HALO (Health Analysis & Longevity Optimizer) personalizes longevity, health, & elder care costs in retirement, giving clients unique insights into their future needs & arming their advisors with better information to protect their plan. Founded by a team of health care professionals with backgrounds in computational genetics, data science, and market development, Genivity provides leading financial institutions with data-driven insights to inform decision making and drive business growth across the household. To learn more, visit https://genivity.com.

About SpringFour
SpringFour is a Certified B Corporation and social impact FinTech company focused on bringing financial health resources to consumers through innovative call center and direct to consumer applications that are used by the financial services industry. Every year SpringFour's suite of products provide more than 1 million referrals to local resources and financial health solutions that help consumers improve cash flow, payment performance, and financial wellness.  
With nationwide coverage and over 11,000 vetted resources, no other company provides the depth and breadth of reliable data and go-to-knowledge for consumers who need help managing cash flow. For more information, visit www.springfour.cc

SOURCE BMO Harris Bank