Subscribe
BTOES Insights Official
By
March 04, 2020

BMO Financial Group's 2020 AWARD FINALIST CASE STUDY : Best Achievement in Operational Excellence to deliver Digital Transformation

Read this article about BMO Financial Group, one of our finalists, in the category Best Achievement in Operational Excellence to deliver Digital Transformation, selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.

d1462b99-c7a4-4ee0-8f2a-86408b198b2e-your_corporate_logo_jpeg_png_tiff_-BMO-White_E

pillar%20page%20line%201

BMO’s enterprise digitization program was established in 2015 to transform sales and service processes by building and implementing foundational digitization capabilities such as scanning electronic forms, electronic signatures, document upload & more. Between 2017-19, we focused on transforming the inefficient and legacy retail investments processes in Canadian branches. This transformation impacted 11,000 employees in 900+ Canadian branches, creating capacity for better customer conversations.

-BMT-15-Team-standingWe addressed four challenges in this first phase of our roadmap:

  1. Manual processes that resulted in duplication and errors
  2. Lack of system controls in selecting the right products for customers, resulting in customer dissatisfaction due to call-backs
  3. Complex and inconsistent transaction forms
  4. Excessive branch management time spent on regulatory compliance activities

Key Projects - Impact & Results of our Deployment

Team-with-Conferences-Banner

  1. Automated Money Movement: We enabled the ability to automatically debit a customer account for investment purchases and eliminated over 650,000 manual transactions annually, that would have been previously required, saving about 60 minutes per day per branch.
  2. Smart KYC (Know Your Client): We introduced real-time system checks which ensures we are recommending the best products that match our customers investment objectives and risk appetite. This has generated 56,000 warnings and prevented 16,000 product selection errors, saving customers from having to come back into the branch.
  3. eForms: We rationalized over 145 complex and inconsistent paper transaction forms into 25 dynamic digital templates. Using simplified templates means that our forms are consistent and clear, vastly improving the user experience. The underlying application (Quadient) is business-maintained and allows us to be nimble with future updates.
  4. eSignatures: We provided iPads to over 6,000 investment salespeople to enable electronic signatures. Over 350,000 investment documents have since been e-signed, which customers can access via online banking. This has also improved our audit performance as forms can no longer be misplaced, and signatures no longer missed. We have eliminated the printing of over 10 million sheets of paper annually – a key step in BMO’s commitment to a sustainable future.
  5. Branch Compliance Officer (BCO) Centralization: We strengthened adherence to regulatory compliance and created capacity for customer conversations by moving next-day Mutual Fund audits from branches to a centralized back office team through a new digitized solution. The new system has eliminated 35% of total audits and over 1800 daily audits. Of the remaining 65% auditable transactions, 60% are now audited by the centralized BCO teams.
  6. Branch Compliance Officer (BCO) Pre-Approval: Previously, if a customer was served by a newly qualified salesperson, they were required to wait up to 30 minutes due to a mandatory manual pre-approval process. We implemented a digital and centralized workflow that now takes less than 8 minutes to complete.

New Awards CTA

Our transformation journey over the past three years has generated excitement and pride in the frontline. BMO is perceived as the market leader in digitization. We have ambitious goals for 2020 and beyond, to continuously optimize business processes to increase frontline capacity and provide a seamless user experience.

Business Transformation & Operational Excellence Industry Awards 2020

piller-line

About the Awards

The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.

The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.

The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.

 

piller-line

BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awardswhich showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


The Business Transformation & Operational Excellence Industry Awards

The Largest Leadership-Level Business Transformation & Operational Excellence Event

opex_assembly

business_assembly

Proqis Digital Virtual Conference Series

View our schedule of industry leading free to attend virtual conferences. Each a premier gathering of industry thought leaders and experts sharing key solutions to current challenges.

Download the most comprehensive OpEx Resport in the Industry

The Business Transformation & Operational Excellence Industry Awards Video Presentation

Proqis Events Schedule

Proqis Digital

Welcome to BTOES Insights, the content portal for Business Transformation & Operational Excellence opinions, reports & news.

------------------------------ 

Submit an Article

Become a Regular Contributor

BTOES UNIVERSAL GRAPHIC - NO DATE.webp?width=1200&name=BTOES UNIVERSAL GRAPHIC - NO DATE
ACCESS 50 VIDEO PRESENTATIONS
Access all 75 Award Finalist Entires
RESEARCH REPORT 2021/2022
BTOES AWARD - NO DATE
BTOES UNIVERSAL GRAPHIC - NO DATE
Subscribe to Business Transformation & Operational Excellence Insights Now
btoes19.png
png
ATTENDEE - Proqis Digital Event Graphics-2
ATTENDEE - Proqis Digital Event Graphics (2)-1
ATTENDEE - Proqis Digital Event Graphics (1)-1
png

Featured Content

  • Best Achievement of Operational Excellence in Technology & Communications: IBM
  • Best Achievement of Operational Excellence in Oil & Gas, Power & Utilities: Black & Veatch
  • Best Achievement in Cultural Transformation to deliver a high performing Operational Excellence culture: NextEra Energy
   
Operational Excellence Frameworks and Learning Resources, Customer Experience, Digital Transformation and more introductions
  • Intelligent BPM Systems: Impact & Opportunity
  • Surviving_the_IT_Talent_deficit.png
  • Six Sigma's Best Kept Secret: Motorola & The Malcolm Baldrige Awards
  • The Value-Switch for Digitalization Initiatives: Business Process Management
  • Process of Process Management: Strategy Execution in a Digital World

Popular Tags

Speaker Presentation Operational Excellence Business Transformation Business Improvement Insights Article Continuous Improvement Process Management Business Excellence process excellence Process Optimization Process Improvement Award Finalist Case Study Digital Transformation Leadership Change Management Lean Enterprise Excellence Premium Organizational Excellence Lean Enterprise Lean Six Sigma Execution Excellence Capability Excellence Enterprise Architecture New Technologies Changing & Improving Company Culture Agile end-to-end Business Transformation Execution & Sustaining OpEx Projects Culture Transformation Leadership Understanding & Buy-In Lack of/Need for Resources Adapting to Business Trends Changing Customer Demands Failure to Innovate Integrating CI Methodologies Lack of/Need for Skilled Workers Lack of/Need for Support from Employees Maintaining key Priorities Relationships Between Departments BTOES18 RPA & Intelligent Automation Live Process Mining BTOES From Home Cultural Transformation Financial Services Customer Experience Excellence Process Automation Technology Healthcare iBPM Healthcare and Medical Devices Webinar Culture Customer Experience Innovation BTOES Video Presentations Exclusive BTOES HEALTH Strategy Execution Business Challenges Digital Process Automation Report Industry Digital Workplace Transformation Manufacturing Supply Chain Planning Robotic Process Automation (RPA) BPM Automation IT Infrastructure & Cloud Strategies Artificial Intelligence Business Process Management innovation execution AI Lean Manufacturing Oil & Gas Robotic Process Automation IT value creation Agility Business Speaker Article Systems Engineering RPAs Insurance Process Design Digital Speaker's Interview data management Intelligent Automation digital operations Six Sigma Awards thought leaders BTOES Presentation Slides Transformation Cloud Machine Learning Data Analytics Digital Transformation Workplace Banking and Capital Markets Data Finance Professional Services Education IT Infrastructure IT Infrastructure & Cloud Strategies Live Blockchain Interview Solving Cash Flow with AI BTOES White Paper investment banking Analytics Insight BTOES19 Consumer Products & Retail Enterprise Agile Planning Government Operational Excellence Model Project Management Algorithm Automotive and Transportation Banking Business Environment Digital Bank Enterprise architecture as an enabler Hybrid Work Model Primary Measure of succes Relationship Management Sales business expansion revenue growth Adobe Sign Agile Transformation CoE Delivery solution E-Signatures Electricity Global Technology HealthcareTechnologies Innovation in Healthcare Reduce your RPA TCO Transportation Accounts Receivable (AR) Big Data Technology CORE Cloud Technology Cognitive learning Days Sales Outstanding (DSO) Logistics Services Operational Excellence Example Risk Management business process automation transformation journey Covid-19 Data Entry Digital Experience Digital Network Digital Network Assistant (DNA) Digitization Drinks Effective Change Leaders HR Internet Media NPS Net Promoter Score Program Management Portal (PgMP) Sustainability TechXLive The Document is Dead The New Era of Automation Automated Money Movement Banking & Financial Services Biopharmaceutical Blue Room Effect Building Your Future Workforce in Insurance Business Process Governance Capital Market Creative Passion Digital Transformation Workplace Live Digital Workforce Digitalization ERP Transformation Finance Global Operations (FGO) Financial Services Software Frameworks Hoshin Planning Human Capital Lean Culture Natural Gas Infrastructure Natural Language Processing Organizational Change Pharmaceutical Pharmaceuticals & Life Sciences Project manager Supply Chain Management Sustainable Growth The Fully Automated Contact Center Transformation Initiatives Workplace Analytics eForms eSignatures 3D Thinking BEAM BFARM BTOES17 Big Data Processing Business Analytics Business Growth Centralized Performance Monitoring System Communication Creativity Digital Technologies Digital Technology Educational Psychologist Energy Management Health Insurance Health Maintenance Organizations Hospitality & Construction Human Centered Design Integrated Decision Approach Integrated Decision Making Intelligent Document Processing Kaizen Medicare Moodset for Excellence Natural Language Processing (NLP) Offering Managers Oil and Gas Optical Character Recognition (OCR) Pharmaceuticals and Life Sciences Photographing Price and Routing Tracking (PART) Process Design Document (PDD) Product Identifier Descriptions (PIDs) Python Quote to Cash (Q2C) Resilience SAP Sales Quota Team Work Telecommunications Text Mining Visually Displayed Work Culture master text analytics virtual resource management