BMO launches AI-powered cashtrack tool

8. November 2020.

The Bank of Montreal has added an AI-driven feature, the BMO CashTrack Insight, to its PFM platform that helps customers identify potential cash shortfalls.

The feature uses AI and machine learning models to provide customers with real-time financial insights that predict an upcoming cash shortfall, such as an account balance dropping below zero, according to a report in Finextra.

The system looks at Canadian checking and savings accounts up to seven days in advance to warn customers of potential shortfalls and offers suggestions on how to resolve potential issues before they happen.

“We took the time to understand where customers were having challenges and found that close to a third face cash flow challenges each year. As we continue to navigate COVID, we know too that some Canadians are facing additional financial headwinds brought about by this pandemic,” Brett Pitts, chief digital officer, BMO, said in the report. “We wanted to come up with a way to help that was unique in the market. With CashTrack, we’re providing a more accurate, holistic view of a customer’s account – allowing them to take control of their finances.”

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