BioConnect Customer, Bank of Montreal, Awarded for Reimagining the Online Experience with Biometrics

Posted by Claire Scholz on 11 December 2019
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Bank of Montreal (BMO) Financial Group recently announced it has received Aite Group's 2019 Impact Innovation Award for Cash Management and Payments for Digital Channel Capabilities. The award recognizes the bank's efforts to deliver a leading experience for online business banking customers across channels.

Utilizing BioConnect’s mobile biometric authentication technology, BMO was recognized for reimagining the online experience for commercial banking customers. The new BMO business banking app provides added convenience by allowing payments to be approved while on-the-go. It also features biometric security – fingerprint, eye, voice, and face identification – for authentication on both desktop and mobile transactions. This is a first for a financial institution in Canada as BMO is the first financial institution in Canada to offer a full range of biometric authenticators via its mobile app for commercial banking customers. 

To date, traditional commercial banking transactions are secured using tokens and the one-time passcodes that they generate. Changing this authentication technology to be biometrics based has allowed BMO to add an additional layer of security on all transactions, providing exact identity assurance of the person completing or approving the transaction which is something that tokens lack the ability to do. In addition to an increased user experience, the BioConnect technology used by BMO also provides a full audit log of all transaction/access attempts to comply with audit and compliance regulations. 

Aite Group's Impact Innovation Awards in Cash Management and Payments celebrates innovation achieved by financial institutions that are introducing new products, capabilities, or levels of automation and effectiveness that bring the industry one step closer to next-generation banking.

In BMO’s own press release, Sharon Haward-Laird is quoted as saying, "Across BMO, we're focused on creating and investing in services that deliver great experiences for our customers.” Here at BioConnect we are always striving to offer the best user experience for our customers and in turn, their customers, so we are delighted to be seeing the effects.

Demo _ Mobile Biometric Authentication for High-Risk Wire Transfers

To bring biometric authentication to your own customer applications and start being recognized for providing secure and enhanced user experiences, request a demo of our Mobile Biometric Authentication platform today.



About Aite Group

Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry.

With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group's analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.


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.

Topics: Innovation, Digital Security, Industry Update