BMO Partners with Personetics to Help Customers Reach Personal Savings Goals

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North American bank sees success with Personetics' AI-powered savings solution, helping customers reach financial milestones

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Personetics today announced the success of BMO's Savings Amplifier offering. The BMO Savings Amplifier offering has helped tens of thousands of BMO customers set over 100,000 savings goal targets through the award-winning BMO Mobile app. BMO customers have rated the Savings Amplifier offering 4.7 out of 5 stars*. The exceptional rating reflects the program's effectiveness in helping customers achieve their savings goals and make real financial progress.

In 2022, BMO partnered with Personetics to build an AI-powered savings solution within its mobile banking app. With competitive interest rates, unlimited no fee, self-serve transfers and no minimum balances or monthly fees, the BMO Savings Amplifier offering is designed to empower customers to take control of their savings journey by enabling them to open new savings accounts online, set personalized savings goals, establish automated transfers to advance their goals, and monitor their progress through the BMO Mobile Banking app.

The transfers maintain a minimum balance selected by the customer. With just a few clicks, customers can build savings and gain visibility into achieving their financial dreams, all directly within the familiar BMO Mobile Banking app.

"This award-winning solution demonstrates BMO's continued commitment to support evolving customer needs and empower them to make real financial progress," said Peter Poon, Head & VP, Digital Self-Service, Innovation & Technology, BMO "Collaborating with Personetics has helped us turn data into clear, actionable insights that empower our customers to conveniently manage their finances, and confidently achieve their financial goals."

Jody Bhagat, President of the Americas at Personetics, offered his insight on the solution: "Through automated fund allocation, goal-based targets and personalized nudges, Personetics is bringing leading solutions to BMO, helping them to empower their customers to save efficiently," he said. "BMO wanted a state-of-the-art personalized engagement solution, and our experienced team did even more by launching a program that was simple and intuitive for customers."

BMO's collaboration with Personetics on the Savings Amplifier offering has received several important recognitions, including Celent's Model Bank Award and a Digital CX Award from The Digital Banker. In March 2024, the bank was ranked among Fast Company's list of the World's Most Innovative Companies. Recognized in the Personal Finance category, the award recognized BMO's innovative digital tools and resources including the BMO Savings Amplifier offering.

*Based upon average rating of the savings goals tracking insight.

About Personetics

Personetics is the global leader in financial data-driven personalization, enabling financial institutions to forge deeper relationships by enhancing clients' financial wellness and helping them make smarter decisions. Personetics reaches 150 million customers across 35 global markets while serving more than 130 financial institutions. Personetics' AI analyzes financial data in real-time to understand customer financial behavior, anticipate needs, and deliver a hyper-personalized experience with day-to-day actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs. The company has offices in New York, London, Singapore, São Paulo, and Tel Aviv. For more information, visit www.personetics.com.

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Press contact:
Michal Milgalter
Personetics
[email protected]