Bank of Montreal 2008 Annual Report Download - page 15

BMO Financial Group 191st Annual Report 2008 | 11
PROGRESS REPORT
Products that meet customers’ needs
Our commitment to the customer is more than a promise: it’s a deliverable. It’s backed with compelling offerings that deliver
what customers want, and we are going to keep on raising this bar.
2008 COMPELLING OFFERS
Homeowner ReadiLine®BMO LifeStage Plus Funds
Customers told us they want more control over their financial affairs. In Canada, we
responded with “the only loan you will ever need”
– a combination of a mortgage and
a secured line of credit. As the customer pays down the mortgage, the line of credit
increases. It’s a big reason why personal loans grew 18.7% in 2008 and our market share
was up 89 basis points.
In response to customers’ desire for investment options that combine growth potential
with a principal guarantee, these funds were launched in June 2007 and reached $1 billion
in net contributions in September 2008. In a year of volatility in economies and markets
around the world, this product has delivered on a core need of our customers
– reducing
their worry by protecting their investments.
Online Account Application Financial Planning Software Tool
In June, Harris launched an online account application that takes about eight minutes
to complete. As a result, online account openings at Harris increased 160% in 2008.
Next project: shorten the time for online applications for commercial deposits and business
accounts. As of October 2008, Canadian customers can also apply online to BMO Bank
of Montreal for a personal banking account.
We have invested in an industry-leading enterprise-wide financial planning tool to bring
unparalleled clarity to our clients’ financial pictures. This new software will be used
by all financial planning professionals across BMO Financial Group. Regardless of customer
location or point of contact, the financial planning software will help ensure consistency
and portability in clients’ plans.
Tax-Free Savings Account Business Coach Podcast Series
In 2008, the Government of Canada announced the creation of the new Tax-Free Savings
Accounts (TFSA). Canadians can now invest up to $5,000 a year for life by opening a TFSA at
BMO, and save money without paying any tax on investment earnings or withdrawals. TFSAs
are a great, flexible option for our customers to help them achieve their financial goals.
We introduced additional topics in our award-winning Business Coach podcast series,
which features audio information segments with external experts offering timely advice
for small business owners.
Push to Talk Equity Research
We’ve added Push to Talk links to more key pages of our Harris web site to engage online
visitors who may be considering Harris’ services and solutions, applying for an account
or a loan online, or using Harris’ online banking services. With one click, visitors can quickly
connect with our call centre and speak to a customer ser vice representative. In 2008,
Harris conducted almost 77,000 Push to Talk conversations.
By merging our award-winning Canadian and U.S. equity research teams into a single
operating group, we have around 60 analysts covering nearly 800 public companies –
and we’re in a posi tion to offer sector-specific equity strategies to money managers
who are increasingly taking a global approach to their business.
BMO Mosaik®MasterCard®1Global Treasury Management Solutions
We launched a new Shell®2Mosaik MasterCard, which delivers superior customer loyalty
rewards. Our customers can also choose the BMO Gold AIR MILES®3MasterCard and get
an exclusive 20% discount on the number of AIR MILES reward miles required for all flights
worldwide to over 500 destinations and with no blackout periods. These offers are part
of the reason our card balances are up 13.8% in 2008.
We’re offering our business customers access to markets across the United States, Canada
and Europe, and helping them navigate an array of options and requirements through
one banking relationship and a single point of contact.