- New strategic partnership enables newcomers from nine
countries to access their credit history to make their financial
transition in Canada faster,
easier and more inclusive.
TORONTO, Sept. 3,
2024 /CNW/ - BMO today announced a new strategic
partnership with Nova Credit, the
leading cross-border credit bureau, to help eligible BMO customers
access their international credit histories to gain greater access
to credit products in Canada.
By integrating Nova Credit's
Credit Passport® into the credit application process, newcomers
from nine countries – including Australia, India, Kenya,
Mexico, Philippines, South
Korea, Spain, Switzerland and the United Kingdom – can now access their
international credit score to help establish credit in Canada. Credit Passport® seamlessly and
securely integrates into a financial institution's credit
application process, enabling applicants' foreign credit records
and scores to be instantly accessed and translated. With access to
trusted financial advice, tools and resources, newcomers can
conveniently plan their journey and more easily transition their
lives.
"Understanding that building a life in a new country can be an
exciting but complex emotional and financial journey, BMO's
partnership with Nova Credit builds
on our ongoing commitment to helping customers make real financial
progress wherever they are," said Sumit
Sarkar, Head, Customer Growth & Segments, BMO. "By
providing convenient, personalized tools from pre-arrival and
onwards, newcomers to Canada will
be empowered to embark on their new journey with confidence and be
ready to pursue their goals in their new home."
"We are delighted and proud to announce our partnership with
BMO, expanding our reach and support for newcomers in Canada," said Collin
Galster, COO, Nova Credit.
"Our collaboration with BMO underscores the necessity of lenders to
serve all customers fairly and responsibly, and a reminder that
financial inclusion for newcomers demands that opportunity is not
limited by where a person comes from but rather where they are
going."
This solution will first be available in select branches
throughout British Columbia and
the Greater Toronto Area, with
plans to make the program available nationwide.
The strategic partnership with Nova
Credit adds to a wide offering of innovative tools designed
to help new Canadians make real financial progress. Newcomers also
have access to CreditView® (powered by TransUnion), to check their
credit scores and reports for free. This service provides newcomers
with insights into their creditworthiness, essential for
establishing financial stability in a new country. CreditView's
no-fee feature ensures that newcomers can stay informed about their
credit health with ease and convenience.
BMO continues to be a digital innovation leader in customer
experiences that help newcomers to Canada make real financial progress. In
2024, BMO SmartProgress was recognized for Outstanding Use of
Digital Channels for Improved Customer Experience by The Digital
Banker Customer Experience Awards. In 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: BMO's NewStart program provides
customers with a suite of best-in-class, personalized, no-fee
banking products including, chequing and savings accounts,
customized mortgage options, credit with no credit history,
investments and worldwide money transfers to establish their
finances.
- 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 starting a new life.
It features bite-sized content, including videos and tools, to
allow newcomers to better understand 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 $1.4 trillion as of July 31, 2024. 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 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.
About Nova
Credit
Nova Credit is
a cross-border credit bureau that is rewiring consumer financial
data infrastructure with smarter credit analytics. It leverages its
unique data infrastructure, compliance framework, and credit
expertise to help lenders fill in the gaps that exist in
traditional credit analytics. Nova
Credit provides access to the fragmented universe of
consumer financial data and transforms it into compliant,
actionable risk analytics through a suite of solutions designed to
increase conversions through expanded coverage, speed, and
reliability. Leading organizations, such as American Express,
Verizon, HSBC, SoFi, Appfolio, and Yardi, work with Nova Credit to reach new-to-country consumers
with Credit Passport®, make smarter credit decisions through cash
flow underwriting with Cash Atlas™, and quickly and accurately
verify income with Income Navigator. Learn more
at https://www.novacredit.com or reach out
to connect@novacredit.com.
SOURCE BMO Financial Group