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Bank of Montreal Uses PriceTek® Deposits to Advance Pricing Infrastructure

After a year of working with the PriceTek® Deposits platform at Bank of Montreal (BMO), Chris Downing, Senior Manager — Core Banking Products and Ryan Ffrench, Director Term Investments, sat down with Novantas to share their experience.

The Challenge

With the low rate environment in Canada, Bank of Montreal (BMO) was faced with a sus- tained and strong level of competition. “In that environment where additional points of spread can be the difference between being profitable and unprofitable, we were interested in using a pricing tool as a way to get a detailed understanding of our portfolio behavior and identify opportunities and insights to optimize our pricing in a way that meet customer preferences and needs” said Chris Downing.

Why PriceTek?

BMO and Novantas worked jointly to define the potential benefit of pricing models. Based on a strong working relationship with the Novantas global advisory team, BMO selected PriceTek® Deposits as their price optimization and product management platform. “We have great respect for Novantas’ knowledge and expertise in the deposit business, and this trans- lated to the platform,” said Downing. “They helped us create a holistic vision for deposit pricing from strategy to process, change management and technology. They were then able to back up the vision with the platform”. Ffrench added, “I was very impressed with the abil- ity to integrate the solution with all our existing and complex product structures, and more importantly processes. Merging versus starting at zero provided a lot of value.”

Read the Full Case Study

About BMO
Established in 1817, BMO Financial Group serves more than 12 million personal, commer- cial, corporate and institutional customers in North America and internationally. With total assets of $672 billion as of July 31, 2015 and more than 47,000 employees, BMO provides a broad range of retail 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, Wealth Management and BMO Capital Markets..

About Novantas
Novantas, Inc. is the leader in customer science and revenue strategy for the financial industries, and one of the fastest growing and largest FinTech companies worldwide according to American Banker and IDC FinTech 100 listings. Novantas advisory and solution services specialize in investigating and interpreting customer needs, attitudes, and behaviors, to help banks refine pricing, distribution, marketing, customer strategies, and sales and service activities. Novantas’s PriceTek® Optimization system is installed in more banks than all other competitors combined. For more information, visit www.novantas.com.

For more information, contact Novantas Marketing

+1 (212) 953-4444


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