Bank of Montreal 2000 Annual Report Download - page 55

Bank of Montreal Group of Companies Annual Report 2000 ■31
Residential Mortgages
The Residential Mortgage group offers a broad range of competitive mortgage
products to consumers through a range of preferred environments. Clients
have the choice of applying for mortgages in Bank of Montreal branches and
in-store outlets at Safeway and A&P Dominion stores and online at bmo.com.
In addition, this line of business operates a wholly-owned subsidiary,
XceedTM Mortgage Corporation, which specializes in expanding the availability
of mortgage financing.
2000 Objectives
■Enhance profitability and growth of residential mortgage products through
client value management and product innovation.
■Expand into new customer segments by leveraging our state-of-the-art
loan decision-making capabilities.
■Continuously improve operating efficiency in our systems and processes to
ensure delivery at the lowest possible cost.
Consumer Finance
Committed to meeting the needs of its customers, the Consumer Finance
line of business offers products and services including consumer loans, lines
of credit, conditional sales contracts for automotive finance and personal
overdrafts. The group is also responsible for leveraging the Bank’s core
capabilities in online lending through strategic alliance initiatives such as
Competix and financiaLinxTM6 service.
2000 Objectives
■Improve and expand product offering by simplifying and rationalizing
the current total product suite to make it easier for our clients to address
all of their personal credit needs.
■
Improve the delivery of our offerings through the expansion and
development of new distribution channels including in-store branches,
mobile lenders and online lending.
■Reduce operating costs by improving lending systems efficiencies.
Commercial Banking
The Commercial Banking group provides a full range of banking services to
over 450,000 small and mid-sized businesses in Canada. Customers can
access a wide array of products and services including cash management,
2000 Accomplishments
■Expanded business-to-business market and created bmolending.com
to service this growing segment.
■Increased sales of Competix’s Credit Manager, our industry-leading
automated lending system, and welcomed new investors – J.P.
Morgan and Trans Union – to Competix, a joint venture founded by
Bank of Montreal and American Management Systems.
■
Expanded financiaLinx, a joint venture between Bank of Montreal and
CIT that offers auto dealers online access to car lease and loan approvals,
into the largest independent automotive leasing company in Canada.
2000 Accomplishments
■Introduced three new products: the Mortgage Cash Account, which
allows customer access to monies prepaid on their mortgages;
the Five-Year Open, which provides a guaranteed rate and the option
to refinance at any time; and the Flexible Below Mortgage, a variable
rate, six-year offer.
■
Introduced a specialized mortgage sales force to offer financing directly
to the Canadian resale market at the customer’s location of choice.
■
Established Renewal Centre of Excellence, staffed by mortgage
renewal specialists, to provide customers with the convenience of
renewing their mortgages by telephone.
loans and deposits across an integrated distribution platform that includes
the Internet, call centre, telephone and branch network.
2000 Objectives
■Aggressively and selectively target high-growth and high-value businesses
in key industry sectors and regions and continue to leverage our
Corporate Finance capabilities.
■Enhance sales force competency through additional training and accredita-
tion and highly targeted intake programs.
■Expand customer channel access.
Everyday Banking
Everyday Banking encompasses the day-to-day banking experiences of our per-
sonal clients. Through various channels, including branches, telephone, Internet,
wireless services and ABMs, Everyday Banking customers can access products
ranging from chequing and savings accounts to retail and travel services.
2000 Objectives
■Continue to focus on differentiated pricing based on transaction volumes
and channel preference.
■Engage in significant product development to address changing client
needs and competitive offers.
Insurance
The Insurance line of business offers payment and balance creditor insurance
to loan, mortgage and MasterCard®2 customers and participates in the inter-
national reinsurance market. The group’s focus for the future lies in identifying
underserved market segments where it can successfully leverage the Bank’s
core strengths and develop innovative insurance solutions.
2000 Objectives
■Continue work on product and process re-engineering coupled with
expert sales support and training to achieve top-tier performance in
creditor insurance.
■Selection of optimal participation strategies for the insurance market.
■Continue to expand the scope of our international reinsurance operations,
particularly in markets where some of our key strengths can be leveraged.
2000 Accomplishments
■
Established divisional Creditor Sales Support positions and initiated
development of enhanced Creditor Insurance platform.
■
Launched an employee pilot of MyChoiceInsurance
TM
service, a
consumer-oriented e-commerce service that offers home and auto
insurance information.
2000 Accomplishments
■Initiated an important customer acquisition program, Double Dip
with DebitTM , by introducing a co-branded Bank of Montreal–AIR MILES®4
debit card.
2000 Accomplishments
■Expanded channel platform with the introduction of a dedicated
contact centre, staffed with commercial specialists, to sell and service
commercial loans and cash management requests.
■
Enhanced online banking facility with the introduction of online loans
of up to $250,000, an expanded service menu and needs analysis tools.
■Increased Corporate Finance team complement by 30% to enable
continued geographic expansion.
■Introduced Succession Financing capability in Canada.
■Expanded client choice with the introduction of additional Everyday
Banking Plans for Business.