The Bank of Montreal has introduced a service that allows users to open a chequing or savings account through their smartphone, rather than going to a branch.
“Mobile is increasingly important for customers to address their banking needs, and this service is another way we’re using our digital capabilities to empower our customers and simplify their lives,” said Niti Badarinath, head of North American channels at BMO. “This customer-centric, mobile-first design provides a seamless user experience. It’s an example of how we’re quickly bringing to market solutions that are focused on streamlining banking processes.”
Without downloading an app, customers can search and open an account with BMO in under eight minutes. The bank also said the offering is the first of its kind from a major Canadian lender.
According to a report in the Globe and Mail, the account will be approved on the spot so customers can immediately be used without the need for a physical card.
“This service is the next step in the journey we are taking with our customers as they increase their use of digital,” Badarinath said.