Why BMO Business is focused on tech, women-led, and indigenous business
The three segments 'align really well with our purpose... to grow the good in business, and in life,' says Dev Srinivasan
“There are three [business banking] areas that we’re really focused in on, and align really well with our purpose, which is to grow the good in business and in life,” says Dev Srinivasan, Chief Operating Officer for BMO Bank of Montreal Canadian Business Banking. In the second of three videos with Dev, he explains the common thread that unites technology, women-led, and indigenous businesses.
Dev Srinivasan: BMO focuses in on a broad group of clients; however there are three areas that we’re really focused in on, and aligns really well with our purpose, which is to grow the good in business and in life.
The first area would be technology and innovation. Toronto and Canada in general is really a growing tech hub. Toronto, Ottawa, and Montreal were three of the fastest-growing technology hubs in the world in 2018. This is a hugely important segment, and it is an area where we’re focused in on serving clients across the broad spectrum of their needs. We’re able to deal with venture capital companies that are really the life-blood of the tech space, as well as private equity and the companies themselves as they go public and grow faster.
Second would be women in business. Women-owned companies are growing faster than the overall market, and female entrepreneurs represent 60 percent of new business started. It’s a hugely important population, and we want to ensure that we’re supporting all groups. And if you look at our growth within the bank, we’re actually growing women-owned businesses at about 30-40 percent faster than we are male-owned businesses. So it’s a great opportunity for us to do well in the community, and also do well for our business.
And then finally indigenous banking – a hugely important population in the Canadian economy. BMO has served indigenous communities since 1992 with a dedicated team. This team really partners up with the communities in terms of understanding their unique needs, and ensuring that we’re delivering the services, the guidance, the expertise that is needed to help those communities thrive in a challenging environment.
Women in business, indigenous banking, and technology and innovation; very disparate in a lot of ways, but the common thread that ties them all together is the benefit that they bring to the Canadian population, to the community. And also the huge opportunity it represents from a business perspective. And that is one of the major reasons why BMO is focused in on this space.