• Exclusive banking partnership will help Canadian newcomers access digital tools and resources to support their financial journey.

TORONTO, Jan. 23, 2024 /CNW/ - BMO is helping newcomers to Canada make real financial progress through a new, strategic partnership with PeaceGeeks, a non-profit organization that developed "Welcome to Canada," a free, multilingual mobile app that helps newcomers find trusted, relevant information and personalized recommendations to plan their new journey.

As the organization's exclusive banking partner, BMO will provide newcomers access to trusted online resources, capabilities, and educational content to support financial literacy as they establish their lives in Canada.

Content on the "Welcome to Canada" app's banking section will cover topics including an introduction to Canadian banking terms and financial products, how to build credit history, and tips for establishing savings habits and building long-term wealth. The mobile app also seamlessly directs newcomers to banking products and services, locates nearby bank branches, and will soon help with booking appointments with financial advisors at BMO.

"BMO's commitment to supporting newcomers at every step of their financial and personal journey is grounded in our Purpose, to Boldly Grow the Good in business and life," said Sumit Sarkar, Head, Customer Growth, BMO. "BMO's partnership with innovative organizations like PeaceGeeks makes it easier for newcomers to find and use free and trusted financial information to help them make real financial progress as they embark on the next chapter of their lives in Canada."

"When newcomers arrive in Canada, they have a world-class system of free public and private resources to support them," said Jennifer Freeman, CEO, PeaceGeeks. "However, many people are unaware of those resources, and miss valuable opportunities – to find employment, better understand Canadian banking systems, improve their English or French, or upskill their education – which can make moving to Canada easier. Welcome to Canada puts personalized information to navigate their journey and hit the ground running in the palm of newcomers' hands. We are pleased to be partnering with BMO to ensure financial literacy and access to banking is as easy as possible for newcomers."

Through BMO's exclusive relationship, those considering, planning, or who have recently moved to Canada can access personalized financial information and recommendations catered to their individual priorities and needs for different cities and provinces, including cost of rent and childcare. Currently available in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan, the app's content is accessible in 10 languages, including English, French, Arabic, Chinese, Punjabi and more.

BMO continues to pave the way as a digitally enabled, future-ready bank focused on delivering leading digital experiences that help newcomers to Canada make real financial progress. In 2023, BMO's New to Canada program was recognized for Best Use of Tech in Retail Banking from the Banking Tech Awards, an organization that celebrates key developments and innovation in banking, finance and technology. In December 2023, BMO's NewStart® Pre-Arrival Account Opening program received the BAI Global Innovation Award and Qorus-Accenture Banking Innovation Award, underscoring BMO's ongoing efforts to pioneer advancements in digital banking and reflecting the bank's mission to provide an exceptional banking experience beyond borders.

BMO Helps Newcomers to Canada Make Real Financial Progress 
  • BMO's NewStart Program: The BMO NewStart program provides customers with a suite of best-in-class, personalized, no-fee banking products, including chequing and savings accounts, customized mortgage options, access to a credit card with no credit history, investments, and worldwide money transfers to establish their finances.

  • Pre-Arrival Account Opening Program: BMO's industry leading digital banking program allows online applicants in eligible jurisdictions to have their BMO Pre-Arrival bank account applications processed instantly. The program also enables applicants from 13 countries to open a bank account and an International Student GIC if eligible, before they arrive in Canada, making their financial transition easier and quicker.

  • BMO SmartProgress: To help with their transition, BMO SmartProgress is a free online financial education program that provides newcomers with a customized, on-demand, and interactive learning experience. This financial literacy platform is geared to help educate newcomers on the Canadian banking system and assist them in creating good financial habits while they start their new lives. It features bite-sized content, including videos and tools, to give newcomers a better understanding of complex financial topics, including budgeting and credit management, homeownership, and investing in their future.

  • BMO Newcomer Talent Program: BMO's Newcomer Talent Program is a recruitment program for displaced persons, immigrants, and refugees, providing support and creating employment opportunities for newcomers to Canada and the United States. This program includes personalized recruitment pages that make it easy for jobseekers to introduce themselves to BMO and explore job opportunities in both Canada and the United States.

To learn more about how BMO can help customers make financial progress visit www.bmo.com/main/personal.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group

Copyright 2024 Canada NewsWire

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