BMO Harris Bank announced the introduction of Mobile Cash, a new technology that allows consumers to withdraw money from an ATM using their smartphone. With the launch, BMO Harris now has the largest network of card-less enabled ATMs in the country.
“Smartphones are quickly becoming the singular device that people use to help manage their life,” said Connie Stefankiewicz, Head of North American Channel Strategy and Solutions, BMO Financial Group. “BMO Harris is continuing to invest significantly in technology that is designed to address consumers’ evolving preferences.
“Expectations are increasing among consumers in terms of the digital tools and services industries are offering. With personal finances, we know our customers want the ability to take care of multiple financial needs from their smartphone,” added Ms. Stefankiewicz.
The QR-based mobile technology allows customers to withdraw cash safely without having to remove their debit card from their wallets, greatly speeding up the time a customer spends at an ATM. Additionally, customer card information is not stored on the phone, enhancing security. Customers can easily locate any of the 750 Mobile Cash ATMs using their BMO Harris Bank Mobile Banking App. An additional 150 ATMs will feature the service June 2015.
A report issued today by BMO Harris Bank revealed that the use of digital personal finance tools and services is having a positive effect on the financial standing of Americans.
The report, conducted by Pollara, revealed:
• Nearly nine in ten (87 percent) agree that they know exactly what is going on with their finances at all times
• The vast majority (82 percent) say they are managing their finances more effectively as a result of using digital personal finance tools
• Three quarters (78 percent) agree they make better purchase decisions when on the go, while 77 percent have better control over their spending.
• Bills are paid on time more often by 75 percent of consumers, and 70 percent say they are overdrawn on their account less often.
For more information on BMO Harris Mobile Cash, click here.