How BMO can help your business maintain its competitive advantage
Dev Srinivasan explains how BMO Business Banking is helping clients keep up with technology transformation
“The pace of technology – how fast it’s moving today – is having a dramatic impact on our clients,” says Dev Srinivasan, Chief Operating Officer for BMO Bank of Montreal Canadian Business Banking. In the first of three videos with Dev, he explains how BMO is adapting its processes and working faster, to make sure its clients can do the same.
Dev Srinivasan: The pace of technology – how fast it’s moving today – is having a dramatic impact on our clients.
When you think about how quickly now competitive advantage can be taken away through technological advancements, it’s impacting not only BMO’s clients, but the bank itself. And the pressure is really on for banks globally to really up their game, and ensure that they’re serving clients in a way that is allowing them to keep their competitive advantage.
At BMO, we believe that we are an incredibly strong business partner in this sense, and the advancements we’ve made allow our clients to keep their competitive advantage, and allow them to continue to win in the marketplace.
A great example of how BMO is responding to the change and the technology advancements out there is what we’re doing in the small business space right now.
It used to take the same amount of time to get a $100,000 loan approved as it would a $10m loan. And now what we’re able to do – through Business Express, our platform – that allows us to approve small business loans under a million dollars in under 30 minutes. It’s a huge advancement, and it allows our clients to really move with the pace of technology, and allow them to move ahead of their competitors.
BMO is also updating its processes. When you think about the amount of time that used to be taken by administrative activities, we’re now able through the use of technology, we’re able to reinvest in terms of client service, ensuring that our relationship managers are front and centre with clients, understanding the industries, and ensuring that we’re helping them move along as quickly as possible.
BMO wants to be seen by our clients as somebody that is relevant in the industries that they operate. So a couple of things that we’re doing on that front. We’ve really focused in on verticals that are truly impacted by technology, and the change, and the speed of change. So as a for instance, we’ve focused in on technology and innovation; we’ve created an entire vertical focused on that. And it’s able to serve companies from start-up, all the way up to going public, with the full suite of products and services that traditional banks actually would have a challenge in delivering.