Fintech & Ecommerce

BMO Financial Group Rolls Out Digital Real Financial Progress Hub

BMO Financial Group announced the launch of the Real Financial Progress Hub.

BMO Financial Group Rolls Out Digital Real Financial Progress Hub

This project is a digital platform that provides clients with access to advice on personal finance management. Also in this case, consumers will have the opportunity to use the tools and resources that are necessary to achieve their goals in the economic environment.

The press release of the financial group, which was published last Monday, November 6, contains information that the new platform will allow customers to solve several tasks, including personal budget planning, savings management concept, choosing the best offer during the purchase of housing, competent retirement and obtaining credit funds.

BMO’s head of consumer strategy in the USA, Paul Dilda, said that as a result of the launch of the new solution, consumers for the first time had the opportunity to explore any financial goal or even several goals at the same time. According to him, the organization has collected the entire monetary resource of clients in one place to facilitate progress in the financial environment.

The Real Financial Progress Hub also includes the BMO Real Financial Progress Index, which is a quarterly indicator of how consumers manage their budgets and whether they achieve the desired results.

The organization has also expanded its affordable and gratuitous offers, available throughout the United States and in-person supported in 22 regions of the country. BMO Financial Group currently operates more than 1,000 branches. The mentioned offers include BMO Savings Builder. In this case, consumers receive rewards for achieving goals related to savings management.

The BMO Smart Money settlement account provides low fees and no overdraft fees. The BMO Smart Advantage settlement account does not provide for a monthly service fee or minimum monthly balance requirements. As part of this offer, customers can make an unlimited number of transactions at ATMs in all regions of the United States.

The organization also offers consumers an online platform for personal finance training BMO SmartProgress, the BMO Total Look platform, the BMO CreditView service for accessing credit reports and creating a loan, BMO Cash Back bonus cards, and a Credit Builder account.

BMO Financial Group is currently the eighth-largest bank in North America by assets. As of July 31 of this year, the total assets of this organization amounted to $1.25 trillion. BMO Financial Group serves more than 13 million customers in Canada, the United States, and selected global markets.

In September, the eighth-largest bank in North America established a partnership with DailyPay, a provider of on-demand payment solutions. As a result of this cooperation, BMO Financial Group’s commercial clients have been able to offer their employees access to wages. The interaction of partners is aimed at providing the mentioned access in real-time. For the end users of this offer, the advantage of the solution is that they can immediately use funds through their direct deposit accounts.

Industry research suggests that in the United, workers are increasingly showing an interest in having access to wages they receive in real-time. For the companies, such a financial decision also has benefits. In this case, those organizations that provide instant access to wages increase the level of employee loyalty.

The ability to instantly use the earned funds allows employees to avoid the costs associated with using payday lenders or bank overdrafts to pay off unexpected expenses. This was stated by Rob Nardelli, director of commercial banking and business development at DailyPay, during a conversation with media representatives last summer. Access to wages is actually a way to avoid debt.

In August, it became known that BMO Financial Group is using an existing partnership with the Extend virtual card and expense management platform to launch a co-branded app for its commercial bank customers. As part of this offer, consumers can become owners of virtual Mastercard cards and can manage it in mobile wallets.

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Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.