Le Lézard
Classified in: Business
Subjects: PDT, SBS

BMO Launches New Service That Can Approve Small Business Loans in Minutes


TORONTO, Oct. 17, 2018 /CNW/ - BMO Bank of Montreal today announced the launch of BMO Business Xpress ? a small business lending platform that can approve loans in minutes, providing a faster and more convenient way for Canada's small businesses to obtain capital.

"The small business community is the backbone of our economy, and efficient access to capital is vital to ensure continued growth and innovation in this important sector," said Arun Kumar, Head of Small Business Banking, BMO Bank of Montreal. "This segment is an important one for us, and this platform is a reflection of how we're embracing new technologies that will drive better experiences for our customers."

The platform offers the following:

"This platform captures the needs of a small business customer and quickly provides feedback on the amount of financing and the conditions that will need to be met before approval," notes Mr. Kumar. "The transparency and real-time nature of this process not only benefits the customer, but also our employees, as it will improve the efficiency and productivity of our small business teams, allowing them to focus on more value added customer conversations and needs."

Mr. Kumar added that the team needed to think like a customer as well as a developer while considering the bank's risk appetite in order to build a solution that would meet a diverse set of needs and ultimately remove friction from the lending process for both customers and small business bankers.

For more on BMO's business banking offerings, please visit https://www.bmo.com/main/business/

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $765 billion as of July 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group


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