Strands Personal Finance announced today that BMO Financial Group has implemented Strands Personal Finance Management (PFM) solution for their 2.5 million online banking customers.
The custom-built online PFM solution, named BMO MoneyLogic, provides their customers with tools to help them better manage and control their finances.
"At Strands, our goal is to help financial institutions redefine the online banking experience for their customers," said Ed Chang, CEO of Strands. "BMO Financial Group is paving the way for other global institutions by providing the latest PFM tools to help their customers monitor and manage their money."
BMO's MoneyLogic is designed to help increase customer retention and provides the financial institution with new ways to tailor offers to their customers. The solution offers features such as automatic categorization of expenses, budgeting and saving goals, alerts and reporting, which will enable their online customers to gain a clear and complete view of their finances.
"BMO is the first major bank in Canada to provide an online financial management tool that enables customers to set and track savings goals," said Andrew Irvine, Vice President, Bank of Montreal. "We are excited about the response from our customers who have been looking for a better way to get a clear picture of where their money is going. With almost half of our personal banking customers doing their banking online, BMO MoneyLogic provides them with immediate insights into their spending and savings habits and will help them take better control of their household finances."
BBVA was the first financial institution to implement Strands PFM solution in 2008, followed by ING Netherlands who formally introduced their TIM solution last year. TIM is currently available to the financial institution's 4 million online users.