Award honors BMO Bank of Montreal’s use of GMC Inspire for driving digital transformation
GMC Software, the award-winning leader in Customer Communications Management (CCM), announced today it has been awarded the Xplor Application of the Year Award. Xplor, the worldwide electronic document systems association, has sponsored this prestigious industry award program since 1988. The award recognizes GMC’s work with BMO Bank of Montreal in the bank's successful organization-wide effort to transform its business and its customer experience by accelerating the deployment of digital capabilities. BMO implemented the GMC Inspire CCM platform to execute an electronic document system that eliminates the need for human intervention and saves millions of pieces of paper annually.
BMO utilized GMC Software’s GMC Inspire Interactive, a thin-client, web-based self-service customer communications portal, and GMC Inspire Designer, to create elegant, standardized eForm designs that are rationalized, dynamic in nature, auto-populating and coded to simplify how the bank ingests documents, as well as to streamline processes for customers and for the bank’s business users. The technology implementation introduced a new mobile onboarding customer journey that enables consumers to open a BMO Personal Banking account on a smartphone in eight minutes from start to finish—a first in Canada. From an internal perspective, the multi-step workflow involved in opening accounts is now done without resorting to any paper or requiring the customer to enter a physical branch.
As a result of these digital capabilities, BMO has seen a 50 percent reduction in the number of steps to complete an end-to-end account opening process and anticipates the project will significantly reduce paper being printed— projected at 92 million sheets of paper saved annually in the Personal Banking branch network alone.
In the retail branches, BMO estimates millions of dollars saved annually due to cost reduction, cost avoidance, efficiency increases and reduction in errors; as well as increases in incremental revenue and as a result of increased capacity.
“GMC Software is proud to be a part of BMO’s digital transformation and we are grateful to Xplor for recognizing our work with BMO as being worthy of the Application of the Year Award,” said Scott Draeger, VP of Product, GMC Software. “BMO’s application of GMC Inspire is extremely innovative. For a 200-year-old bank with legacy systems built over the years to really dig in and push the boundaries of what the platform can deliver is an exemplary example of teamwork and technology.”