Bank of Montreal 1997 Annual Report Download - page 13

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Bank of Montreal 180th Annual Report 1997 11
Strategic partnerships create the means
to do more for our customers.
Mondex
TM
*electronic cash
and carry
The information technology revolu-
tion has changed our lives forever.
And now, through the power of the
computer microchip and the develop-
ment of the Mondex “smart card,”
new freedom and convenience will be
delivered, literally, into the hands of
millions of Canadians.
In May, Bank of Montreal joined
the Mondex Canada consortium.
Backed by 10 of Canada’s largest finan-
cial institutions, Mondex is a payment
smart card that combines the conve-
nience and security of paying by card
with the advantages of paying by cash.
Mondex eliminates the need for
large amounts of change, streamlines
small-denomination retail transac-
tions and provides greater security for
both merchants and customers.
The Mondex smart card elimi-
nates the need for point-of-purchase
authorization, facilitating a transac-
tion that is as fast as cash but much
more secure. Bank of Montreal and
its partners will introduce the Mondex
card in selected Canadian cities
during 1998.
Partners First
TM
†
To strengthen our position in the high-
ly competitive U.S. credit card market,
Bank of Montreal and Harris Bank
have announced a strategic alliance with
two major American financial services
firms, First Annapolis Consulting, Inc.
and BankBoston Corporation.
With the combined resources
of its parent companies, Partners First
will possess the economies of scale
of a much larger, high-quality U.S.
credit card portfolio. It will also pos-
sess economies of skill expertise in
data mining and consumer marketing
techniques capabilities required to
compete successfully in an industry
undergoing significant consolidation.
The business objective for
Partners First is to rank among the
top 15 credit card issuers in North
America by the year 2000, growing
both through traditional channels and
through alliances with other banks.