Management’s Discussion and Analysis

Canadian Personal and
Commercial Banking

Canadian Personal and Commercial Banking provides financial products and services to eight million customers. We’re here to help our customers make the right financial decisions as they bank with us across our network of 900 branches, contact centres, digital banking platforms and over 3,300 automated teller machines. Our top-tier commercial franchise serves as an advisor and trusted partner to our clients across multiple industry sectors throughout Canada.

Cameron Fowler
North American Personal and Business Banking, BMO Financial Group

Lines of Business

Personal Banking provides customers with a wide range of products and services, including chequing and savings accounts, credit cards, mortgages and everyday financial and investment advice. Our employees are focused on providing all of our customers with an exceptional experience every time they interact with us.

Commercial Banking provides small business and commercial banking customers with a broad suite of commercial products and services, including business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange services and specialized banking programs. Our Commercial bankers partner with our customers to help them grow and manage their business.

Strengths and Value Drivers

  • Highly engaged team of dedicated employees focused on providing a personalized banking experience, anticipating customers’ needs and finding new ways to help.
  • Top-tier commercial banking business, as evidenced by BMO’s number two ranking in Canadian market share for business loans up to $25 million.
  • Strong and growing retail banking business, benefiting from nearly 50% year-over-year digital sales growth and 25% digital sales penetration.
  • Largest Mastercard and AIR MILES® card issuer in Canada for retail cards and largest Mastercard card issuer for commercial cards.
  • Consistently applied credit risk management practices that provide customers with reliable access to appropriate financing solutions. Our prudent underwriting standards support responsible personal lending and long-term financial sustainability.
  • Proud to be working with Indigenous communities to provide improved access to employment opportunities, education and financial services for more than 25 years.
  • The official bank of the Canadian defence community, serving the unique needs of members of the Canadian military and their families since 2008.

Strategy and Key Priorities

Capture key growth and loyalty opportunities by delivering a leading digital experience and personalized advice.

Key Priority

Continue our focus on customer loyalty and growth

2018 Achievements

  • Achieved strong employee engagement survey results, above leading company benchmarks, demonstrating our employees’ ongoing commitment to deliver a leading customer experience
  • Created dedicated teams focused on improving moments that matter, to help enhance the overall experience for our customers
  • Upgraded 44 branches across Canada and opened three new Smart Branch locations in Manitoba and Alberta, providing customers with access to the best of our innovative technologies in a unique, smaller format tailored to their needs
  • Continued enhancing our automated teller machine (ATM) network by extending the flexibility of choosing bill denominations at 75% of our ATMs across Canada

2019 Focus

Continue to improve customer loyalty by deepening primary relationships

Personal Banking – 2018 Achievements

  • Ran effective campaigns in support of key offerings, ranging from home financing and credit cards to Everyday Banking, which helped to increase our new-to-BMO customer base and deepen existing relationships
  • Continued to grow our mix of advice-based roles, strengthening our ability to engage with customers on financial issues that are important to them, whenever and however they choose to interact with us

2019 Focus

In Personal Banking, deliver a leading customer experience by leveraging new digital channels and enhancing existing networks

Commercial Banking – 2018 Achievements

  • Improved processes and increased platform efficiencies, allowing our sales force to spend more time engaging directly with customers
  • Launched new suite of Small Business Banking Mastercard products that were well received by our clients, with the number of new clients acquired increasing more than 30% from the prior year
  • Proud to be named Best Commercial Bank in Canada for the fourth consecutive year by World Finance Magazine at its 2018 Banking Awards in recognition of our strong regional and industry focus, as well as our commitment to building customer relationships and providing innovative solutions, notably in the area of Indigenous banking

2019 Focus

In Commercial Banking, focus on maintaining our core strengths, while targeting opportunities for diversification across high-value sectors and businesses

Key Priority

Deliver a leading digital experience

2018 Achievements

  • Recognized as a leader in mobile banking by Forrester in The Forrester Banking Sales Wave™: Canadian Mobile Sites, Q4 2018
  • Continued to enhance and simplify the account opening process, and launched a new Business Xpress lending platform that has enabled a 95% faster approval time for Small Business loans
  • Enhanced customer experience driven by our mobile-first approach throughout 2018, resulting in a 16% growth year-over-year in the number of active mobile users
  • Leveraged the power of artificial intelligence in the rollout of BMO Bolt™ (chatbot for Facebook Messenger) and BMO’s Virtual Assistant (chatbot for Twitter)

2019 Focus

Continue to enhance the digital experience through sales and service transactions


This Canadian P&C Banking section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.