BMO launches CashTrack Insight to bolster financial wellness

By Pavithra R

Bank Of Montreal (BMO), helping simplify the payments process for Canadian businesses has introduced its BMO CashTrack Insight, an artificial intelligence (AI) driven capability that identifies potential cash shortfalls and helps customers better manage upcoming expenses. 

CashTrack aims to help customers improve their financial wellness and is fully integrated into BMO’s broader personal financial management solution, BMO Insights. The solution was built in-house and leverages AI and machine learning (ML) models to provide customers with real-time financial insights that intelligently predict upcoming cash shortfall, such as a customer’s account balance dropping below zero. It accurately predicts changes by looking up to 7 days in advance across Canadian chequing and savings accounts to alert customers of potential shortfalls. Besides, CashTrack also recommends actionable solutions to help customers resolve potential issues before they happen. Customers will receive insights from CashTrack directly in the BMO mobile banking app.

“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. This is another step for us as we look for real ways to help our customers improve their finances,” said Brett Pitts, Chief Digital Officer, BMO Financial Group.

Recently, BMO collaborated with Visa Canada to introduce new reward credit cards for Canadians.

Established since 1817, BMO is a leading bank driven by a single purpose: to Boldly Grow the Good in business and life. As the 8th largest bank, by assets, in North America, it helps customers make the most of their money.