BMO inks deal with Amazon web services

Bloomberg

Bank of Montreal (BMO) picked Amazon.com Inc’s web-services division as its preferred cloud provider to help the bank modernize operations and introduce new digital applications.
The deal includes using Amazon Web Services technology for the bank’s call centers and for remote-work tools for its employees, as well as employing the tech firm’s machine-learning capabilities, Seattle-based Amazon said. Financial terms of the agreement weren’t disclosed.
Big Canadian banks have been adopting more digital services after the pandemic shut down or reduced capacity at their physical locations. The Amazon deal will help Bank of Montreal make its own operations more efficient, enabling it to convert customer-service conversations into text transcripts, digitise certain documents and more easily calculate the market and credit risks in its lending portfolio, said Victor Tung, the lender’s US chief technology and operations officer.
“Digital isn’t just a channel, it’s a way we operate in every part of the business,” Tung said in an interview. “A big part of that is data analytics and user-friendly tools and common platforms that allow us to grow better and faster services.”
Bank of Montreal also will start a new cloud-skills training program for both its information-technology and non-technical employees, Amazon said.