BMO unveils AI-powered PFM tool

BMO unveils AI-powered PFM tool

Bank of Montreal (BMO) is adding an AI-powered personal finance tool to its mobile app, helping customers manage their day-to-day money matters.

According to a BMO survey, two thirds of Canadians say they are stretching themselves too thin on expenses to be able to save; nearly half are playing catch-up and paying down debt; and, for millennials, 37% cite social pressures as a barrier towards being able to save.

BMO Insights is designed to help change this, using the power of AI to give customers more than 20 bite-sized tips tailored to their personal accounts including guidance on saving money, spending habits, and personal cash flow.

Instead of simply identifying everyday behaviours, BMO Insights promises "actionable pathways and flows", for example suggesting transferring funds to a savings account, when there is sufficient money in a chequing account to cover expenses.

The tool which runs on technology from AI outfit Personetics, is being piloted with a group of chequing, savings, and credit card customers before a full roll out next year.

Brett Pitts, chief digital officer, BMO, says: "With BMO Insights, we're tapping into the power of AI to deliver personalized insights to mobile banking customers and provide them with a holistic picture of their financial lives. This is a data-driven approach to personal finance that puts the customer in control."

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