Key facts
- Technology modernization provides BMO with greater agility to make banking more convenient for customers, support its continued growth in the U.S. market, bring new products to market more quickly, and increase operational efficiencies.
- Expanded agreement with FIS will enable BMO customers to enjoy mobile-first deposit and checking accounts and leading digital solutions across its customer channels.
- Long-term agreement includes FIS Modern Banking Platform, Payments One, Digital One, Code Connect, and a range of managed services.
BMO Harris Bank is expanding its relationship with financial technology leader FIS® with a major, multi-year program to transform its core banking systems to support the bank’s growth plans in the U.S.
As a long-time FIS client, BMO will implement the FIS Modern Banking Platform to power an expanded retail digital platform, which will offer U.S. consumers a range of mobile-first deposit and checking accounts. BMO has significantly extended its retail footprint beyond the Midwest, with a national banking platform and accepting digital deposits in all 50 states.
Read More: Western Union Accelerates Digital Money Movement for Postal Networks Worldwide
The multi-year technology modernization program will provide BMO with greater agility to support its continued growth in the U.S. market, bring new products to market more quickly, and increase operational efficiencies. The technology agreement also includes FIS Payments One, Digital One, the Code Connect application programming interface (API) gateway, and a range of call center, card production, and back-office managed services.
“BMO is building a digitally enabled, future-ready bank with leading efficiency, profitability and loyalty. We’re focused on accelerating our mobile technology so that our banking experience is increasingly convenient and seamless for BMO customers – however and whenever they choose to manage their money,” said Victor Tung, U.S Chief Technology and Operations Officer, BMO. “Our expanded relationship with FIS will enable us to continue to launch leading digital solutions for our customers that help them make real financial progress.”
Read More: Banking App Dave Opts to Become a Publicly Traded Company via Merger
“As today’s consumers increasingly adopt digital technologies for every aspect of their financial lives, BMO is taking bold steps to meet the changing needs and preferences of its customers and position itself for success in the growing U.S. market,” said Bruce Lowthers, President, FIS. “We value our long partnership with this forward-looking bank and look forward to continuing to work with them.”
Read More: Klarna Secures Additional Funding as Consumers Demand Smarter Alternatives to Shop, Bank, & Pay
