BMO Introduces a Fully Digital Line of Credit Solution to Accelerate the Lending Experience for Mobile Customers

• First of its kind solution from a major Canadian financial institution
• Provides customers with the option of applying for a line of credit securely on their mobile devices

TORONTO, Sept. 10, 2019 /CNW/ - BMO Bank of Montreal announced the launch of a new lending solution which provides customers the simplicity of applying for a personal line of credit directly from their mobile devices. Customers are now able to apply for credit by completing a short and user friendly digital application and will receive a decision on their loan in minutes.

"Canadians continue to turn to their mobile devices for their day-to-day banking. We saw an opportunity to introduce a digital loan solution to make customers banking experience easier and available anytime and anywhere," said Brett Pitts, Chief Digital Officer, BMO Financial Group. "This new digital service is a reflection of BMO's strong commitment to digitize day-to-day banking transactions that better support our customers."

The platform will offer:

• A true digital experience: An application can be completed from a mobile device through a simple digital interface. Eligible approved customers will also have the ability to open the loan without ever visiting a branch.
• Real-time decision: Customers will receive an instant decision on a line of credit.
• Faster access to credit: Eligible approved customers will be able to tap into loans in as little as 48 hours.

Over the past year, the bank has introduced a number of new digital tools and enhancements – including the ability to open banking accounts and apply for credit cards from a mobile device – and is committed to investing in digital innovation to create better experiences for digitally-driven customers.

BMO encourages customers to familiarize themselves with borrowing options available to them and to consider how the specific terms will affect their day-to-day finances. Customers looking to speak with a lending expert can book an appointment at their nearest branch to discuss their financial needs and determine if a line of credit is the best option.

The new offering is available to existing BMO customers using the BMO Mobile Banking application.

To learn more about how BMO is helping its retail customers, please visit https://www.bmo.com/main/personal

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $839 billion as of July 31, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

Media Contacts: James DeCosimo, Toronto, [email protected] | [phone]

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