Bank of Montreal 1999 Annual Report Download - page 11

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Bank of Montreal Group of Companies 1999 Annual Report 9
banking option through either the Internet or tele-
phone. Once again it’s the customer who chooses
the
most appropriate value proposition. These strate-
gies
allow us to provide our clients with better
service while controlling costs.
Sales Force Effectiveness
In banking there is no substitute for consistently good
service. The 1998 Burke customer satisfaction
survey ranked Bank of Montreal commercial account
managers as best-in-class for their understanding
of customer businesses, problem-solving capabilities
and the provision of timely financial advice.
Throughout the Personal and Commercial Client
Group, increased sales force effectiveness and
improved customer service are our primary goals.
To achieve this, we will continue our emphasis on
the development of a continuous learning environ-
ment. We will provide our staff with enhanced
product training, specialized skills development
courses and
the leveraging of industry-specific
knowledge
through the sharing of information and
expertise from other Bank client groups.
The face of retail banking in the 21st century
will be radically altered as the result of consumers’
increasing demands for value, choice and service.
The Personal and Commercial Client Group at Bank
of Montreal will be driven to meet these customer
demands and provide a consistent, high-quality
customer
experience no matter what distribution
or access channel is used.
In March, Bank of Montreal and Newcourt Credit Group (now The CIT Group)
formed FinanciaLinx, an alliance providing Canadian automobile dealers with
an e-business leasing product. FinanciaLinx Corporation, a subsidiary of Newcourt,
cuts down the time it takes a dealer to obtain lease approval by hours, using
Internet technology to get an online decision in seconds. Since the formation
of the alliance, FinanciaLinx has signed up more than 20% of Canadian new car
dealers. In addition, it has recently been awarded the Hyundai Auto Canada
leasing contract.
E-Business Innovation
The adoption of new technology by our customers
is the fastest in history. Our objective is to use elec-
tronic technology to improve how we service our
customers. Bank of Montreal has a strong reputation
for industry-leading e-business initiatives, including:
First virtual bank in North America, mbanx,
launched in October 1996
First bank in North America to introduce online
mortgage adjudication
First bank in North America to introduce and invest
in wireless banking and investment services using
digital cellular phones and palm computing devices
in 1999 with the pilot of VeevTM2
Investment in 724 Solutions Inc., the inventor of
Veev, which has subsequently acquired a substan-
tial
customer base through partnering with
Bank
of America and Citigroup in the United States
Cebra Inc., the Bank’s online subsidiary, which
has developed MERXTM*
, the world’s first online
tendering system for government contracts
and universities
Launch of Electronic Post OfficeTM3 in September
1999, a revolutionary electronic mail delivery
sys
tem developed in a joint venture with Canada
Post Corporation
Launch of Total TradeTM in April 1999, a unique
business-to-business Internet solution that allows
businesses and their partners to securely
receive, process and send documents and finan-
cial transactions
Competix, Inc., provider of a sophisticated auto-
mated credit decisioning system
Looking ahead, Bank of Montreal will continue to
make investments in e-business to lower costs
and retain clients, leverage existing Bank-wide rela-
tionships to extend our reach, and continue to
innovate and lead in providing electronic solutions
to both our personal and commercial customers.
We will work toward common architecture, service
levels and standards across all lines of business.
FinanciaLinx
More information on Personal and Commercial Client Group is
available on page 45 of the Management Analysis of Operations.