Bank of Montreal (BMO) selected Strands to develop their new PFM solution. The custom-built online PFM solution, named BMO MoneyLogic, provides their customers with tools to help them better manage and control their finances. Since MoneyLogic has been deployed, the user adoption has been growing daily.
BMO’s MoneyLogic is designed to help increase customer retention and provides the financial institution with new ways to tailor offers to their customers. The solution offers features such as automatic categorization of expenses, budgeting and saving goals, alerts and reporting, which will enable their online customers to gain a clear and complete view of their finances.
“BMO is the first major bank in Canada to provide an online financial management tool that enables customers to set and track savings goals,” said Andrew Irvine, Vice President, Bank of Montreal. “We are excited about the response from our customers who have been looking for a better way to get a clear picture of where their money is going. With almost half of our personal banking customers doing their banking online, BMO MoneyLogic provides them with immediate insights into their spending and savings habits and will help them take better control of their household finances.”