Bank of Montreal Is Building a State of the Art Headquarters Powered by FinTech
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Good practice starts at the top, and when it comes to innovative bank branch design, what better example is there to set than with the company headquarters?
Your business's base of operations should be a glowing beacon of everything your company has achieved to date, and that is exactly the image Bank of Montreal is looking to promote with its ambitious new headquarters plans.
The BMO Tower
The new headquarters will be located right next to Chicago's iconic Union Station and will house over 3,500 Bank of Montreal employees. Due to open its doors in 2022, the BMO Tower will extend 700 feet and 50 stories high.
"We've operated in Chicago for over 150 years," said US Chief Executive Officer for BMO Financial Group, David Casper. "With a nod to the past, we're investing in our future in Chicago, building a world class office tower in a world class city, while providing our employees with a modern, progressive, cutting edge workspace designed to help them succeed."
The BMO Tower will provide Bank of Montreal employees with convenient access to airports, the railway station, road and bike paths - all of which are factors the best and brightest talent take into account when considering a job offer. The tower will also stand as a model of progressive workplace design and improved efficiencies, complete with next-generation digital technology, abundant natural light, and modern workplace design practices designed to facilitate improved collaboration between staff.
The BMO Tower will also have on its ground floor the most advanced Bank of Montreal branch built to date. We can expect the very latest ATM technology offering more services than previously possible, combined with the one-to-one human contact Bank of Montreal customers have come to expect from the company. Whether they need to perform simple day-to-day transactions or discuss loans, mortgages, or business affairs, the new headquarters-based branch will be perfectly placed to serve the needs of Bank of Montreal's Chicago customers.
The new branch will also serve as a kind of innovation lab, where the latest ideas from the floors above can be tested on customers ahead of larger scale rollouts. This will help break down the barriers between front of house operations and management, and speed up the innovation process.
"This new workplace, along with other initiatives like the BMO Urban Campus in Toronto and BMO Tower in Milwaukee, is an example of how we are working differently through agile innovation to drive value," said Chief Executive Officer for BMO Financial Group, Darryl White. "The location will also help to attract top talent, meet the changing demands of an increasingly mobile workforce, and accelerate the delivery of customer solutions to market."
The BMO Tower announcement follows hot on the heels of the news that Bank of Montreal is partnering with two Chicago-based FinTech startups - Genivity and SpringFour. The partnerships will be focused around helping Bank of Montreal develop new technological solutions for its customers - presumably starting with the new BMO Tower branch location.
Genivity uses AI software to help branch advisors engage clients through life stage, health risk, and elder care cost planning. SpringFour's platform aims to improve payment performance, reduce delinquencies, and increase engagement by connecting customers with appropriate non-profit resources in their area.
"Healthcare cost in retirement is a top concern for many of our clients, and with Genivity's platform our team of advisors will not only be able to better prepare our clients in this area, but also manage the risks that come with planning for unforeseen circumstances," said President of BMO Wealth Management US, Darrel Hackett. "We value this new partnership and are excited to pilot the benefits with a segment of our clients. SpringFour's technology platform helps bridge the gap for customers facing financial difficulty by connecting them with trusted local, state and national resources."
In bringing these two innovative companies into the Bank of Montreal family, the company is not only making good on its commitment regarding mentoring and accelerating the very best in FinTech startups, but is also benefitting its branch-visiting customers - elderly clients are far more likely to visit a physical branch - by offering them new solutions to help them manage their money in the later stages of life and those in financial dire straits.
The new BMO Tower and its associated branch will help Bank of Montreal bring amazing new solutions, such as those invented by Genivity and SpringFour, to the customers who need them quicker than ever.
FinTech is set to be a hot topic at Future Branches Boston, taking place in July.
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