BMO Uses AI to Speed Up Credit Card Fixes
BMO's new AI tool cuts credit card issue resolution time by 20-30%.
In brief
BMO's new AI tool cuts credit card issue resolution time by 20-30%. BMO's AI Agent Assist resolves 40% of credit refunds same-day for Canadian clients. Originally reported by Pymnts.
BMO Launches AI Agent Assist
BMO introduced AI Agent Assist for in-house use by employees to resolve credit card transaction issues faster.
Current Resolution Challenges
Virtual Connect receives over 500,000 calls yearly from canadian clients about credit card transactions, each taking 12-14 minutes to resolve.
AI's Impact on Resolution
AI Agent Assist aims to reduce resolution time by 20-30% and process 40% of eligible credit refunds automatically same-day.
Same-Day Refunds for Clients
For qualifying inquiries, clients receive credit as soon as the same day using AI Agent Assist.
What to remember
BMO's AI Agent Assist resolves 40% of credit refunds same-day for Canadian clients.
