To help Canadians better manage their finances, BMO today announced the launch of its new Pre-Authorized Payments Manager on the BMO Mobile Banking app. The digital banking feature provides an enhanced view of pre-authorized payments, including subscriptions attached to a BMO credit card, to help customers better track how their money is being spent.
A recent BMO survey found that two thirds (65 per cent) of Canadians with pre-authorized subscriptions on their credit card said they would benefit from a tracking tool to help manage their money, and one third (33 per cent) have paid for a subscription they do not use.
"As our recent survey has made clear, Canadians are not strangers to subscriptions, and they want help managing their pre-authorized payments. The Pre-Authorized Payments Manager meets a clear customer need and builds on our commitment to offering leading digital experiences that help our customers make real financial progress," said Mat Mehrotra, BMO's Chief Digital Officer.
BMO is now the only bank that displays both past and future payments per credit card, helping customers keep track of their monthly credit card subscriptions by providing:
The launch of this feature will help address some of the insights revealed in BMO's survey including:
BMO's Pre-authorized Payment Manager is another example of BMO's Digital First strategy, focused on building a digitally-enabled, future-ready bank that drives progress for our customers, unlocks the power of our people and delivers loyalty, growth and efficiency. This feature complements a host of digital capabilities focused on helping our customers make real financial progress, including BMO Insights, BMO CashTrack, and Selfie ID.
To learn more about BMO mobile banking and to download the BMO mobile app, visit: https://www.bmo.com/main/personal/ways-to-bank/get-started/mobile/