In less than a year, Bank of Montreal, Canada’s fourth largest bank, with extensive operations in the U.S., implemented digital reengineering of its onboarding process across 940 branches. Customers can now open a bank account in less than eight minutes using their mobile phone. In addition, the project resulted in an 80% reduction in errors/irregularities, plus efficiency improvements of 40% in personal banking onboarding and 80% in the associated audit process. In just three months, 2.2 million sheets of paper have been replaced by 1.4 million digital documents.
In this case study, written by Celent, and made available by eSignLive by VASCO, the enterprisewide project is described in detail.
Here is what the case study covers:
• The value proposition behind the digital banking initiative
• The team assembled to direct the implementation and the vendors used
• Details of the Phase One solution of digital onboarding on mobile devices
• How teams used a combination of Agile and Waterfall methodologies
• Lessons learned relating to culture, leadership, and communication
Download to read the BMO Digital Transformation Case Study
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