How BMO can help your business maintain its competitive advantage | World Finance

How BMO can help your business maintain its competitive advantage | World Finance


Dev Srinivasan: The pace of technology – how
fast it’s moving today – is having a dramatic impact on our clients. When you think about how quickly now competitive
advantage can be taken away through technological advancements, it’s impacting not only BMO’s
clients, but the bank itself. And the pressure is really on for banks globally
to really up their game, and ensure that they’re serving clients in a way that is allowing
them to keep their competitive advantage. At BMO, we believe that we are an incredibly
strong business partner in this sense, and the advancements we’ve made allow our clients
to keep their competitive advantage, and allow them to continue to win in the marketplace. A great example of how BMO is responding to
the change and the technology advancements out there is what we’re doing in the small
business space right now. It used to take the same amount of time to
get a $100,000 loan approved as it would a $10m loan. And now what we’re able to do – through
Business Express, our platform – that allows us to approve small business loans under a
million dollars in under 30 minutes. It’s a huge advancement, and it allows our
clients to really move with the pace of technology, and allow them to move ahead of their competitors. BMO is also updating its processes. When you think about the amount of time that
used to be taken by administrative activities, we’re now able through the use of technology,
we’re able to reinvest in terms of client service, ensuring that our relationship managers
are front and centre with clients, understanding the industries, and ensuring that we’re helping
them move along as quickly as possible. BMO wants to be seen by our clients as somebody
that is relevant in the industries that they operate. So a couple of things that we’re doing on
that front. We’ve really focused in on verticals that
are truly impacted by technology, and the change, and the speed of change. So as a for instance, we’ve focused in on
technology and innovation; we’ve created an entire vertical focused on that. And it’s able to serve companies from start-up,
all the way up to going public, with the full suite of products and services that traditional
banks actually would have a challenge in delivering. Thanks for watching. Learn more at bmo.com/business. Click now to learn how BMO is supporting technology,
women-led, and indigenous companies, and please subscribe for the latest international business
insights from worldfinance.com

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