BMO Ranks Top 10 in the World in AI Innovation
At BMO, digital isn’t just a channel – it’s how we operate. Innovation is at the core of our efforts to build a digitally enabled, future-ready bank, that harnesses the power of emerging technologies, including artificial intelligence (AI), to create real financial progress for our customers.
From our mobile app, which uses AI to predict and alert customers if they are likely to have a negative balance, to your everyday banking experience, which relies on a probabilistic algorithm-based system to provide you with customized advice and support, we employ the power of AI to drive progress for our customers, unlock the power of our people and deliver loyalty, growth and efficiency.
This commitment was recently recognized in the Evident AI Innovation in Banking Index (English only), which ranked BMO ninth in the world in AI Innovation.
The AI Innovation in Banking Index compares the AI capabilities of major banks across the globe, evaluating their performance based on the five pillars of AI innovation: research, patents, venture, partnerships, and open source.
BMO’s ranking was driven in part by our commitment to high-quality, influential AI research and patents. Patents are an important indicator of success when it comes to innovation, enhancing the customer experience, securing a competitive advantage, and creating new business opportunities. And when it comes to influential patents, BMO is an industry leader. BMO was ranked third in AI-related patents, garnering 2.4x the average number of forward citations1 per patent, a measure of the patent’s wider impact and influence across other related applications.
“This recognition is a testament to the incredible work being done by Team BMO and our drive to advance AI use to deliver best-in-class, convenient banking experiences. By approaching innovation with the customer in mind, we have built some of the most impactful, influential AI-related patents in the industry.”
– Lawrence Wan
Chief Architect and Innovation Officer
A strong AI ecosystem helps build strong businesses. BMO is proud to be at the forefront of advancements in artificial intelligence in the financial services industry, driven by our commitment to Boldly Growing the Good in business and life and enabled by our culture of innovation.
Find out how BMO is Boldly Growing the Good in business and life for our clients and communities.
