As the eighth-largest bank in North America by assets with more than 12 million customers, BMO is focused on building, investing, and transforming how it works to drive performance and innovation for its customers and communities. With BMO, you can be confident that you’re banking with an institute that is building a digitally enabled, future-ready bank with leading efficiency, profitability, and loyalty. Digital innovation is the path to success and BMO is embracing this path with a multi-year transformation journey to replace seven legacy general ledgers with SAP S/4HANA. BMO’s General Ledger update initiative strengthens the ability to focus on analysis and provide strategic insight, moving from focusing on reporting the past to driving future performance. A strategic investment such as this, sets precedent for the future of banking and digital finance transformation.
The journey to becoming a digital first bank
BMO was determined to invest more in strengthening their finance technology infrastructure and modernizing legacy finance systems to adapt to rapidly changing business and regulatory requirements. With the help of SAP solutions, BMO was able to quickly gain efficiency and speed capabilities that benefit their business and customers.
Now, S/4HANA and SAP Fiori solutions are helping BMO to reduce complexity of transactional processes by replacing their general ledger technology, redesigning processes, reducing operational risks, and providing more real-time data. This enabled BMO finance teams to spend less time on data validation and accuracy verification and invest time in higher value work such as analysis and developing insights.
It’s about creating value
Driving speed, innovation, and efficiency by modernizing its technology platforms is how BMO is competing to win. Simplifying finance, reducing operational risk and complexity, and driving business performance continues to drive BMO’s need for transformation.
Through the SAP partnership, BMO’s simplified Finance Technology landscape has reduced Finance IT support costs and costs associated with business events and projects. In total, 85 downstream interfaces were eliminated, resulting in technology support cost reduction of approximately $1.4M.
BMO has adapted a digital first mindset and is engraining digital in the way they operate every part of their business by driving efficiencies, simplifying their businesses, delivering best-in-class customer experiences, and adopting new ways of working. Living this mindset and leveraging partnerships that help drive digital transformation is key to digital innovation and success in this everchanging world.
Learn more: YouTube: BMO & SAP Powering Progress
