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BMO Deepens Partnerships with Two Fintech Startups

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Genivity and SpringFour, winners of last year’s BMO Harris/1871 FinTech Partnership program, share their platforms with customers

BMO today announced partnerships with two Chicago-based tech startups to bring their solutions to specific customers. Genivity is an A.I. software platform helping advisors engage clients through life stage, health risk and elder care cost planning. SpringFour has created a financial wellness platform for the financial services industry that helps improve payment performance, reduce delinquencies and increase customer engagement by connecting customers with appropriate non-profit resources in their area.

Genivity was one of three companies to win awards in last year’s BMO Harris/1871 FinTech Partnership program with their innovative financial planning software tool, which helps wealth advisors engage in important health care discussions with clients and estimates future long term health care costs. Genivity will pilot their software with BMO Wealth Management’s U.S. business in the Hinsdale and Barrington suburbs of Chicago and in Florida’s Sarasota and Naples markets.

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“Healthcare cost in retirement is a top concern for many of our clients, and with Genivity’s platform our team of advisors will not only be able to better prepare our clients in this area, but also manage the risks that come with planning for unforeseen circumstances,” said Darrel Hackett, President, BMO Wealth Management U.S. “We value this new partnership and are excited to pilot the benefits with a segment of our clients.”

SpringFour’s technology platform helps bridge the gap for customers facing financial difficulty by connecting them with trusted local, state and national resources. SpringFour has built a robust list of resources over the last decade to help consumers facing financial distress find solutions. The platform is easy to navigate; with a simple search by zip code, it provides people with various resources in their respective area willing to assist them. SpringFour’s mission is focused on helping people harness financial health. BMO Harris customers will have access to SpringFour’s resources through the bank’s website at bmoharris.com/findhelp.

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“We are excited to take a step forward in enhancing the level of financial support we offer our customers by leveraging SpringFour’s resources,” said Ernie Johannson, Group Head, U.S. Personal and Business Banking, BMO Harris Bank. “We are committed to aiding customers in their journey to achieve and sustain financial stability.”

The mentorship program – in partnership with 1871 – had a successful first year, allowing BMO to meet a number of startups with cutting-edge technologies. This year’s second annual BMO Harris / 1871 Innovation Program  is focused on engaging and mentoring early-stage technology startups that have innovative solutions in lending, financial planning, digital tools and data analytics. The mentorship program was opened to Wisconsin startups with new partnerships with nationally ranked accelerator gener8tor, as well as with Green Bay– based entrepreneur support organization Kinnektorwhich helped bring the program to their communities.

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BMO is building a better all-around customer experience by focusing on a digital transformation that includes enhanced digital capabilities and leverages partnerships that ultimately complement the existing strengths within the bank.

“Our mission is to make sure that no one runs out of money in retirement due to health and elder care costs,” said Heather Holmes, founder and CEO of Genivity. “It is great to know BMO shares our values and passion for expanding the conversation to the next generation around the topic that matters most to them, the health and wellbeing of their loved ones.”

“We are excited to bring SpringFour to BMO customers because we know that by offering targeted local resources to people when they need financial help, we can help get them back on track with their payments and create opportunities for savings,” said Rochelle Nawrocki Gorey, Co-Founder and CEO, SpringFour. “Our solution aligns with BMO’s strong emphasis on customer experience and will create more meaningful conversations between employees and customers.”

Read More: Insurtech: the new AI disruption is hitting insurance

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