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Case study Company name: BMO Financial Group
Major Canadian banking institution identifies and implements opportunities for $25 Million in cost reductions within 18 months when it consolidates its multiple operations groups into a single organization with help from IBM Global Business Services using the IBM Component Business Modeling methodology to identify new opportunities for savings and growth for the bank. |
Business need | BMO Financial Group — a forward-thinking Canadian banking institution — was looking for smarter ways to operate the business, and for opportunities to scale across the organization. It made the decision to consolidate responsibility for all of its operations groups under the ownership of one Senior Executive rather than the individual business lines. This mandate would require building an entirely new business model, and putting new organizations and business processes in place, for the Operations Group of the bank. The Bank knew this was a major undertaking, and sought a partner to help it define the new business model and create a roadmap for change. |
Solution | IBM Global Business Services helped the Bank identify opportunities for cost savings, consolidation and rationalization in both business processes and IT support. The team used IBM's Component Business Model methodology to assess the as-is situation, and to restructure the Bank's operations business into functions, or components. After building the roadmap for change, IBM also helped the Bank to structure the actual transformation. One of the most significant outcomes was the establishment of an integrated business and technology model. |
Results As a result of the IBM solution, BMO identified and implemented opportunities for $25 Million in cost reductions within 18 months, positioning BMO for long-term competitive advantage. |
Customer testimonial | “One of the most significant outcomes was a new integrated business and technology model. Our new business model is structured around components, eliminating redundancy- both from a business and a technology perspective.” Karen Metrakos, Exec. VP, Operations Group, BMO Financial |
Customer information | BMO Financial Group | | Founded in 1817 as Bank of Montreal, today BMO Financial Group is a highly diversified financial services provider. We offer clients a broad range of personal, commercial, corporate and institutional financial services across Canada and in the United States through BMO Bank of Montreal, BMO Nesbitt Burns, BMO Capital Markets and our Chicago-based subsidiary, Harris Bank. |
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