BMO Financial Group, the eighth largest bank by assets in North America, rolled out a simplified Online Banking for Business (OLBB) for smaller businesses.
Previously available through a limited release, the OLBB experience designed specifically for small and midsized enterprises (SMEs) and Emerging Middle Market (EMM) clients. BMO said the platform is now accessible to all SME and EMM clients, and will provide them with an easier-to-use business banking experience.
“Small and midsized businesses have long been underserved by traditional commercial banking solutions,” Derek Vernon, head of North American Treasury and Payment Solutions at BMO, said. “This new streamlined, intuitive experience that helps business owners quickly see their cash flow, complete everyday payments and keep their day-to-day workflow moving as their businesses grow.”
The bank said while most banks focus their digital solutions on retail consumers or large commercial enterprises, the new offering from BMO provides a way to give smaller business customers a platform with intuitive navigation, commonly used payment options and simplified user management. The OLBB has purpose-built digital banking without full commercial complexity; simplified payments and clearer cash-flow visibility to support day-to-day operations; and straightforward user setup and controls designed for growing teams.
“We heard clearly from our clients: they want a modern, efficient digital platform that reduces friction and helps them move faster and free up time and resources to focus on growing their business,” Jeff De Rosa, head of U.S. Emerging Middle Market for BMO Commercial Bank, said. “This new platform reflects that feedback and our commitment to evolving alongside our clients’ needs and the way they are working today.”