BMO launches AI-powered cashtrack tool
Bank of Montreal has added an AI-driven feature to its PFM platform that helps customers identify potential cash shortfalls.
The system looks up to seven days in advance across Canadian chequing and savings accounts to warn customers of potential shortfalls and offers suggestions on how to resolve potential issues before they happen.
Brett Pitts, chief digital officer, BMO, says: “We took the time to understand where customers were having challenges and found that close to a third face cash flow challenges each year. As we continue to navigate COVID, we know too that some Canadians are facing additional financial headwinds brought about by this pandemic.
“We wanted to come up with a way to help that was unique in the market. With CashTrack, we’re providing a more accurate, holistic view of a customer’s account – allowing them to take control of their finances.”