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12 | BMO Financial Group 191st Annual Report 2008
PROGRESS REPORT
Momentum across the enterprise
We continue to invest strategically for growth. Across our lines of business,
we’re seizing opportunities that enhance our competitive position. And we’re
aligning strategies at the enterprise level to gain efficiencies that ensure
every dollar counts.
Momentum in 2008
We are focused on building momentum in our core
businesses in all of our operating groups.
In P&C Canada, for example, results indicate that
our customer and growth strategies are working.
By improving our service standards and introducing
performance score cards at the individual employee
level, we’ve strengthened customer relationships –
a trend clearly indicated by our growing customer
base and rising customer loyalty scores. BMO’s retail
and commercial bankers and wealth professionals
are bringing a team approach to our customers,
delivering integrated strategies that apply the full
range of our expertise to their financial opportuni-
ties. Customers are experiencing higher service
standards –consistently –at all points of contact.
And for key decisions in their financial lives –
a first account, mortgage or financial plan –we’ve
raised our game, delivering expertise and advice
that have set a new benchmark in our company.
These developments are reflected in our financial
results. Revenue grew in each of our Personal,
Commercial and Cards businesses.
We are building momentum in our commercial
business, where BMO ranks second in business
banking lending market share. Two years ago,
we created three commercial banking districts in
Toronto, Montreal and Vancouver, and appointed
some of our most experienced leaders to run them.
In the past year, we launched a performance
management program that tracks portfolio growth,
customer retention, revenue and profitability. This
helps us recognize our best employees and provides
all employees with informed feedback on oppor -
tunities for improvement. We also enhanced our
market offerings and we are taking a more com -
prehensive approach to our commercial custo mers’
needs. As a result of these and other initiatives,
loans were up by 9.5% in 2008, and market share
improved by 67 basis points. Customer loyalty
scores for our commercial business were also up
in 2008.
Momentum is also building in P&C U.S., where our
customer focus, performance-driven culture and the
ongoing expansion of Chicago’s “home town” bank
are combining to provide opportu nities today and
To maintain our focus on improving BMO’s core business performance, we’re investing strategically in people,
processes, distribution channels and product offerings. These are the drivers of growth, particularly in our
retail, commercial and wealth management businesses. To enable us to fast-track investments according to
their potential value for shareholders and customers, we’re assessing initiatives at the enterprise level using
a single set of measures. And we’re continuing to enhance service by identifying and removing costly and
unnecessary steps.
i
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