Bank of Montreal this week announced the launch of a new Workplace Savings Platform.
The “Big Five” Canadian Bank launched the platform alongside LINK Investment Management, a digital workplace savings and pension plan platform with a mission to provide a simple, affordable, and effective retirement saving experience to all working Canadians.
The bank’s new BMO-LINK Workplace Savings Platform is powered by LINK’s SOC2 Type 2 compliant business-to-business software-as-a-service tech stack. LINK’s digital platform is designed for financial institutions to offer their clients a seamless way to invest in ETFs through employer-sponsored group plans.
“The BMO-LINK Workplace Savings Platform makes it easier for businesses of any size to support their employees’ savings and retirement goals,” says Trevor Philp, who serves as Managing Director of Head of Group Investment Plans for BMO Global Asset Management.
The platform enables BMO employees to have the ability to contribute to several types of employer-sponsored group plans, including Registered Retirement Savings Plans, Tax-Free Savings Accounts, and Deferred Profit-Sharing Plans.
Plan holders will be able to construct portfolios with BMO Exchange-Traded Funds, according to a statement from the bank.
“We are excited to break new ground by offering BMO ETFs to give participants more control over their savings and retirement planning,” Philp said.
The online enrollment process guides plan holders through a series of questions to determine their risk profile, time horizon, and investment objectives, which are used to recommend an investment portfolio comprised of BMO ETFs. The platform offers features such as automatic payroll deductions with matching employer contributions as well as portfolio rebalancing.
BMO acquired a minority stake in LINK in May 2023.
“BMO’s minority investment and collaboration with LINK enables us to continue developing best-in-class B2B SaaS Platform technology that will help more Canadians save for retirement, while providing employers with a differentiated benefit to attract, reward and retain top talent,” stated cofounder Brian McClennon.
Founded more than two centuries ago, BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion, and serving 13 million customers in Canada.
Among financial institutions, BMO is among the world’s most active adopters of artificial intelligence technology.
For example, in October BMO Insurance announced the launch of a “first-of-its-kind” AI-powered digital assistant in Canada “designed to enhance the field underwriting process for life insurance advisors,” according to a statement from BMO.
The digital assistant, integrated with Microsoft Azure OpenAI Service, aids in real-time, on-the-ground underwriting processes. It automates research and supports advisors during client interactions, ensuring personalized engagement at every touchpoint.
“This is just the beginning,” BMO Insurance chief executive Rohit Thomas said at the time of launch.
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