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External & Internal Analysis of Bank of Montreal

Ishita Boss – C10707

Rini John – C10828

Ritika Tandan - C09955

Master of Management, Crandall University

MM6173-5: Strategic Management & Competitive Advantage

Dr. Sergio Ribeiro

26-May-2023
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External and Internal Analysis of Bank of Montreal

BMO, which stands for Be More, is a Canadian multinational bank and

financial services corporation BMO is a highly diversified financial service provider

with a clear strategy for driving efficiency, profitability, and long-term objectives. It

is also digitally equipped and future ready.

They have been assisting clients of all stripes—individuals, families,

corporations, and communities—achieve great things since 1817. Their culture is

inclusive and empowering.

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Main challenge

Like any large organization in the financial sector, BMO faces several

challenges. Here are some common challenges that BMO and similar banks may

encounter:

Regulatory Compliance: Banks operate in a heavily regulated environment.

They must comply with various laws, regulations, and guidelines set by regulatory

bodies such as central banks, financial authorities, and government agencies. Ensuring

compliance with these regulations can be complex and time-consuming, requiring

significant resources and expertise.

Cybersecurity and Data Privacy: As technology advances, the threat of

cyberattacks and data breaches becomes increasingly significant. Banks like BMO

hold vast amounts of sensitive customer information and financial data. Protecting

this data from hackers and ensuring robust cybersecurity measures is a constant

challenge.

Digital Transformation: The banking industry is undergoing a significant

digital transformation, driven by changing customer expectations and technological

advancements. Banks need to adapt to digital channels, develop user-friendly mobile

and online banking platforms, and provide innovative digital financial services.

Transforming traditional banking systems and processes to meet these demands while

maintaining security and reliability can be challenging.

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Fierce Competition: The banking sector is highly competitive, with numerous

players vying for market share. BMO faces competition not only from other large

banks but also from emerging fintech startups and non-traditional financial service

providers. Staying ahead of the competition requires continuous innovation,

personalized customer experiences, and the ability to adapt to changing market

dynamics.

Customer Expectations: Today's customers have high expectations when it

comes to banking services. They demand convenient and seamless experiences,

personalized offerings, and real-time access to their financial information. Meeting

these expectations while ensuring security, regulatory compliance, and maintaining

profitability is a constant challenge for BMO.

Economic and Market Volatility: The banking industry is significantly

influenced by economic and market conditions. Changes in interest rates, economic

downturns, and market volatility can impact BMO's profitability, asset quality, and

overall performance. Managing risk and navigating through uncertain economic

environments requires careful planning, risk assessment, and diversified portfolios.

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Reputation and Trust: Building and maintaining a strong reputation and trust

among customers is crucial for banks. Any negative events, such as data breaches,

fraudulent activities, or poor customer experiences, can significantly impact customer

trust and loyalty. BMO must invest in robust risk management practices,

transparency, and proactive communication to maintain a positive reputation and

build long-term trust with its customers.

Addressing these challenges requires BMO to invest in technology, talent, risk

management practices, and regulatory compliance frameworks. By staying proactive,

embracing innovation, and prioritizing customer needs, BMO can navigate these

challenges and remain competitive in the banking industry.

Analysis

External Environmental Analysis

The banking industry is a key component of the financial sector and plays a

vital role in supporting economic growth and development. Here's an industrial

overview of the banking sector:

Core Functions: Banks serve as intermediaries between depositors and

borrowers by accepting deposits from individuals, businesses, and governments and

providing loans and credit facilities. They also offer a range of financial services such

as payment processing, wealth management, investment banking, and advisory

services.
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Revenue Streams: Banks generate revenue through various channels. The

primary sources include interest income from lending activities, fees and commissions

charged for services provided, investment income from securities and assets held, and

foreign exchange transactions.

Market Structure: The banking industry consists of a mix of large

multinational banks, regional and community banks, and specialized banks focusing

on specific sectors or services. In many countries, there are also central banks that

oversee monetary policy and regulate the banking system.

Regulatory Environment: Banks operate in a highly regulated environment

to ensure stability, consumer protection, and fair practices. Regulatory bodies set

guidelines and rules related to capital adequacy, risk management, liquidity, anti-

money laundering, customer data protection, and market conduct.

Technology and Digital Transformation: Banks are undergoing significant

digital transformation to enhance customer experience, streamline operations, and

improve efficiency. This includes the adoption of online banking, mobile banking

apps, digital payment solutions, and the use of data analytics and artificial

intelligence.

Risk Management: Banks face various risks, including credit risk (default by

borrowers), market risk (fluctuations in interest rates and securities prices), liquidity
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risk (inability to meet obligations), operational risk (system failures, fraud), and

regulatory and compliance risks.

International Operations: Many banks operate internationally, expanding

their presence in different countries and providing cross-border services. Global banks

engage in international trade finance, foreign exchange transactions, correspondent

banking, and investment banking activities across multiple jurisdictions.

Financial Inclusion: Banks play a crucial role in promoting financial

inclusion by providing access to basic banking services for underserved populations.

This includes initiatives to reach the unbanked or underbanked through branch

networks, mobile banking, and partnerships with non-banking entities.

Industry Challenges: The banking industry faces several challenges,

including intense competition, evolving customer expectations, cybersecurity threats,

regulatory changes, compliance costs, low-interest-rate environments, and the impact

of disruptive fintech innovations.

Sustainability and ESG: Banks are increasingly focusing on sustainability

and environmental, social, and governance (ESG) factors. They integrate ESG

considerations into their lending and investment practices, promote sustainable

finance, and disclose their ESG performance.

Overall, the banking industry plays a crucial role in the economy, providing

essential financial services, facilitating economic activities, and driving growth. The
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industry continues to adapt to technological advancements, regulatory requirements,

and changing customer needs while managing various risks and embracing

sustainable practices.

Porter's Five Forces Analysis

By conducting a Porter Five Forces Analysis, Bank of Montreal can gain

insights into the competitive dynamics of the Money Center Banks industry and

develop strategies to enhance its competitive advantage and long-term profitability.

Threat of New Entrants: Bank of Montreal managers can assess the barriers

to entry in the banking industry and evaluate the likelihood of new competitors

entering the market. Factors such as regulatory requirements, economies of scale, and

established customer relationships can influence the level of threat posed by new

entrants. By understanding these factors, Bank of Montreal can develop strategies to

protect its market share and deter potential new entrants.

How BMO can tackle the treat of New entrants:

 Bank of Montreal has been innovating new products and services in

order to benefit both new and existing customers.

 By building economies of scale, Bank of Montreal has been able to

reduce the fixed cost per unit and has been investing in research and development in

order to further grow and develop their products and services.

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 This commitment to innovation has been a key factor in the bank's

success, as it discourages new entrants from entering the market due to the dynamism

of the industry.

 Bank of Montreal's continual efforts to innovate and develop new

products and services have been vital in its success and will continue to be an integral

part of its future.

Bargaining Power of Buyers: Bank of Montreal managers can analyze the

bargaining power of their customers, such as individual and corporate clients. Factors

such as the availability of alternative banking options, customer switching costs, and

the importance of customer relationships can impact the bargaining power of buyers.

Bank of Montreal can develop strategies to enhance customer loyalty, improve service

offerings, and maintain strong relationships to mitigate the bargaining power of

buyers.

How Bank of Montreal can tackle Bargaining Power of the Buyers:

Through establishing a sizable consumer base. In two ways, this will be

advantageous. Buyer negotiating strength will be lessened, and the company will have

the chance to simplify its sales and manufacturing procedures.

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by creating fresh things quickly. Customers frequently look for offers and

discounts on well-known items, therefore if Bank of Montreal keeps developing new

products, it may reduce their ability to bargain.

Additionally, the introduction of new products will prevent existing Bank of

Montreal clients from switching to its rivals.

Bargaining Power of Suppliers: Bank of Montreal managers can assess the

bargaining power of suppliers, including technology providers, regulatory bodies, and

other service providers. Understanding the level of dependence on suppliers and the

availability of alternative options can help Bank of Montreal negotiate favorable

terms and manage costs effectively.

How Bank of Montreal can tackle Bargaining Power of the Suppliers

 Through establishing a sizable consumer base. In two ways, this will

be advantageous. Buyer negotiating strength will be lessened, and the company will

have the chance to simplify its sales and manufacturing procedures.

 By creating fresh things quickly. Customers frequently look for offers

and discounts on well-known items, therefore if Bank of Montreal keeps developing

new products, it may reduce their ability to bargain.

 Additionally, the introduction of new products will prevent existing

Bank of Montreal clients from switching to its rivals.

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Threat of Substitute Products or Services: Bank of Montreal managers can

evaluate the availability and attractiveness of substitute products or services that could

potentially replace traditional banking offerings. This includes alternative financial

service providers, fintech innovations, and technological advancements. Bank of

Montreal can proactively adapt to changing customer preferences, invest in digital

transformation, and develop innovative products and services to counter the threat of

substitutes.

How Bank of Montreal can tackle the Treat of Substitute Products / Services

• By focusing on services as opposed to merely products.

• By focusing on the customer's fundamental needs rather than what they are

purchasing.

• By making it more expensive for customers to switch brands.

Competitive Rivalry: Bank of Montreal managers can analyze the intensity of

competition within the Money Center Banks industry. Factors such as the number and

size of competitors, market concentration, and differentiation strategies can impact

competitive rivalry. Bank of Montreal can focus on its unique value propositions,

develop customer-centric strategies, and differentiate its offerings to gain a

competitive edge.
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How Bank of Montreal can tackle Intense Rivalry among the Existing

Competitors in Money Center Banks industry

 By creating a long-lasting distinction

 By increasing its size to be more competitive

 partnering with rivals to expand the market rather than only fighting

for a limited market.

Internal Capabilities Analysis

SWOT

Strengths:

 Strong brand recognition: BMO is one of Canada's oldest and most

well-known banks. It has a protracted history of consistency, dependability, and

customer support.

 A comprehensive range of financial products and services are offered

by BMO, including investment banking, wealth management, commercial banking,

and personal banking. By reducing risks and capturing different market sectors,

diversification benefits the bank.

 Wide-ranging network of branches and ATMs: BMO has a wide

network of branches and ATMs across Canada, giving its clients easy access. This

extensive reach improves client convenience and boosts the bank's ability to compete.
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 Strong emphasis on innovation: To enhance the customer experience,

BMO has been actively investing in technology and innovation. It has introduced

mobile banking apps and digital banking services.

Weaknesses

 Limitations on Success in the Core Business: Even though Bank of

Montreal is one of the top businesses in its sector, its current culture makes it difficult

for the company to expand into other product categories.

 A lack of appropriate cash flow planning at Bank of Montreal has

resulted in situations where there isn't enough cash flow to cover needs, which causes

unneeded borrowing that wasn't intended.

 Need to Invest More in New Technologies: In order to unify operations

across all departments, Bank of Montreal must invest more money in technology,

taking into account the country's rate of expansion and its geographic scope. The

current level of technology investment does not match the company's vision.

 Customer Service: Improper customer service, as well as lack of

solving customer queries, can cause a negative image of the brand. This can either be

through mouth publicity or by any other means.

 Depend on Canada & US: Bank of Montreal global presence is not up

to the mark. The bank is dependent more on Canada & US. Also, the Bank of

Montreal lags behind the top 3 Canadian banks in terms of several branches.
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Opportunities:

 Expansion to Other Global Markets: The company is planning to

expand to more developing countries as well as Arab nations too. This serves them as

an opportunity to acquire a new customer base.

 Development of Technology: Since the FinTech industry is growing at

a very rapid pace, there are advancements in technologies too. Using these kinds of

technologies can increase efficiency and decrease cost.

 Increasing Income: There has been an increase in average household

income along with an increase in consumer spending following the recession. This

will result in growth in Bank of Montreal's target market with new customers that can

be attracted towards the business.

 Population: The population has been growing and is expected to grow

at a positive rate for the upcoming years. This is beneficial for Bank of Montreal as

there will be an increase in the number of potential customers that it can target.
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 Interest Rate: Lower intenst rates than compared to previous years

provides an opportunity for Bank of Montreal to undergo expansion projects that are

financed with loans at a cheaper interest rate.

 Low Inflation Rate: The low inflation rate can bring more stability in

the market and enable credit at a lower interest rate to the customers of Bank of

Montreal.

Threats

 Competitor Technical Advancements: New technological

advancements by a few competitors within the sector constitute a threat to Bank of

Montreal since customers who are drawn to this new technology may switch to

competitors, reducing Bank of Montreal's overall market share.

 Pandemic: Financial losses incurred by companies as well as

individuals can cause a threat to the bank in repayment of loans.

 Increased Marketing Efforts: Due to the rise of digital marketing, there

is an increasing number of promotional messages which are being sent by

competitors. It clutters up the space, which leads to losing out on customers. You
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must also be well versed with a variety of digital marketing skills to get ahead of the

competition.

 Regulatory Changes: Regulatory changes and economic uncertainties

in Canada and the US will have a

 Significant effect on the Bank of Montreal.

VRIO

Value - Rareness- Imitation of Risk - Organizational Competence.

VRIO analysis can help organizations such as Bank of Montreal to do better resource

allocation and build a defensible value and supply chain.

 A resource or capability is considered valuable for Bank of Montreal,

if it allows the Bank of Montreal to exploit opportunities or negate threats emerging

out of both the micro business environment and the macro environment. If a resource

does not allow Bank of Montreal to minimize threats or exploit opportunities, then it

doesn't contribute significantly to building a sustainable competitive advantage.

 In an industry that Bank of Montreal operates in, valuable resources

are held by number of competitors. So valuable resources themselves don't provide a

sustainable competitive advantage. Bank of Montreal require rare resources to

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compete in the industry. If Bank of Montreal don't have rare resources that are

required to succeed in the industry, then Bank of Montreal won't be able to compete

successfully in the marketplace. Secondly holding rare resources can provide Bank of

Montreal competitive advantage against players that don't have those rare resources.

HBR Case Study Solution

 A valuable and rare resource can provide a competitive advantage to

Bank of Montreal for certain period as all the competitors are going to try to imitate or

replicate that resource. A sustained competitive advantage emerges if the resource is

difficult to imitate by the competitors. Bank of Montreal can create inimitability by

innovating on the product side, reducing pain points on service delivery, and having

an effective post sales servicing strategy. Check out the SWOT analysis of Bank of

Montreal

 Even if the Bank of Montreal has all the valuable resources that are

both rare and difficult to imitate, it won't automatically result into a sustainable

competitive advantage. The key to build the sustainable competitive advantage is to

have organizational capabilities, expertise, and structure to exploit the resources. If

Bank of Montreal is not organized based on its strengths then it won't able to exploit

all the resources that it possesses.

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Business Strategies Analysis

 BMO Diversification Strategy

 BMO InvestorLine is an online trading platform for self-directed

investors who want to be in charge of their investment portfolios. The BMO

InvestorLine App is available on the App Store and Google Play. It has a mobile app

for trading on the go and a web interface you can access on a computer.

 The basic trading platform supports alerts, watchlists, interactive

charts, stock, screeners, and trading tools. Trading fees and commissions on this

platform are high compared to competitors such as CIBC Investor’s Edge or Wealth

simple Trade.

 Over time, paying high fees can erode your long-term returns,

especially when making frequent small trades. Trading fees and commissions on this

platform are high compared to competitors such as CIBC Investor’s Edge or Wealth

simple Trade.

 Over time, paying high fees can erode your long-term returns,

especially when making frequent small trades. The screeners allow you to filter

investments based on multiple criteria, including Environmental, Social, Governance

(ESG) features, volatility, and more.

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  

 And clients can access research reports from Morningstar, Thompson

Reuters, and S&P Global Ratings. An online trading service with access to

personalized advice at an extra fee.

 BMO Smartfolio: A robo-advisor service that invests your portfolio on

autopilot using low-cost ETFs. This service comes with an annual management fee.

Online wealth management services or robo-advisors are a middle-ground between

self-directed investing and costly mutual funds.

  

 BMO’s robo-advisor service, BMO SmartFolio, offers automatic

rebalancing, ETF portfolios, free financial advice, and hands-free investing at a lower

cost than traditional wealth management fees (up to 2% or higher).

  

 SmartFolio has a 0.40% to 0.70% annual management fee. In

comparison, Questwealth and Wealthsimple Invest (both robo-advisors as well) have

fees ranging from 0.25% to 0.50%. Other competing robo-advisors in Canada are CI

Direct Investing and RBC InvestEase.

  

 BMO and Demica’s strategic alliance, one of the largest independent

providers of working capital solutions, today announced its strategic alliance with
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Bank of Montreal (BMO) to provide Supply Chain Finance solutions for their clients.

Demica will license its state-of-the-art technology platform on a white label basis,

providing a range of sThis particular Supply Chain Finance alliance is unique in that

BMO is the first North American bank to enter into a white label solution with

Demica. Through a “SaaS” deployment in the Microsoft Azure environment, Demica

is able to deliver platform solutions and the product support required to take BMO’s

corporate customers live in a fully white labelled environment. upport services

including buyer integration and supplier onboarding to BMO.ance Peter Grills, Head

of Global Trade at BMO, states; “We are excited to be working with Demica as our

strategic partner for supply chain finance services. We are impressed by the

platform’s new features and functional simplicity and we look forward to offering this

enhanced service to our customers and driving growth across BMO’s Global

Transaction Banking community.”

 BMO Spend & Payment Solutions, a division of BMO Financial

Group, has partnered with IBM’s managed business process unit to help joint clients

control business travel and expense management costs, drive process and policy

transformation, and improve compliance with corporate spend policies. According to

BMO Financial, the partnership benefits organizations and their employees: Expense

data from BMO and Diners Club corporate cards – both of which run on the

MasterCard network -- feeds automatically into IBM’s Global Expense Reporting

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Solution (IBM GERS), reducing employee’s time and effort to submit expense

reports, and giving corporate travel managers improved visibility and control into

travel and entertainment (T&E) spend

 BMO Alliance for women BMO Financial Group today announced a

new $5 billion commitment to support women business owners in Canada to mark

International Women’s Day 2022. Through the program, BMO will allocate $5 billion

in capital over five years to women entrepreneurs, building on the commitment of $2

billion in 2014 and $3 billion in 2018.

 “Our Purpose, to Boldly Grow the Good in business and life, comes to

life through initiatives like this that drive progress towards a thriving and inclusive

post-pandemic economy,” said Christine Cooper, Head, Canadian Commercial

Banking, BMO Financial Group. “We recognize the great impact women business

owners have on our communities and we are committed to helping them access the

capital they need to grow their businesses, and through them, our economy.”

  

 “This investment from BMO has the potential to make a tremendous

difference for women entrepreneurs!” said Hon. Mary Ng, Minister of International

Trade, Export Promotion, Small Business and Economic Development. “By

advancing gender equality, we know we can add $150 billion to the Canadian

economy – and if the world follows suit, $12 trillion to the global economy. This is
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both the right thing to do, and the smart thing to do for our economy. Our government

is committed to supporting women entrepreneurs, and by working together with

private sector partners stepping up, we can build a more inclusive future.”

 BMO, as a long-time advocate of gender equity, is committed to

removing barriers to women’s empowerment, championing the advancement of

women, and promoting an inclusive market. BMO’s bold Purpose commitments

include mobilizing $400 billion for sustainable finance, increasing support for small

businesses and women entrepreneurs, and committing to key diversity goals. BMO’s

Zero Barriers to Inclusion 2025 strategy includes diversity goals for senior leader and

executive roles, which includes maintaining leadership in gender equity with at least

40 per cent of senior leader roles filled by employees who identify as women.

Additionally, its support extends to women experiencing added barriers that are

intersectional; the bank’s representation goals and initiatives include supporting

People of Colour, Indigenous, Persons with Disabilities and 2SLGBTQ+ employees.

 BMO acquisitions and mergers

 BMO has acquired 8 companies and its latest acquisition was Air

Miles on Mar 2023

 BMO's acquisition of the AIR MILES Reward Program business has

been proposed as part of LoyaltyOne's proceeding under the Companies' Creditors

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Arrangement Act (Canada) (the CCAA) commenced in the Ontario Superior Court of

Justice (Commercial List) (the Court).

 Acquisition makes BMO a leader in carbon credit development,

emissions measurement capabilities, and the environmental commodity market.

 he acquisition of Radicle supports BMO's Climate Ambition to be our

clients' lead partner in the transition to a net-zero world, and the progress we're

making for a thriving economy, a sustainable future, and an inclusive society," said

Dan Barclay, CEO, BMO Capital Markets. "Radicle's leading expertise and

innovative solutions make BMO a leader in carbon credit development capabilities

and the environmental commodity market. These capabilities enhance our

commitment to help our clients understand and manage the risks and opportunities of

energy transition."

 The Montreal-headquartered BMO said the transaction add nearly 1.8

million customers to its client roster while expanding its banking presence with 514

additional branches and commercial and wealth offices.

 Bank of the West was founded in 1874 as Farmers National Gold Bank

and currently has approximately $105 billion in assets. Banque Nationale de Paris

(BNP) acquired Bank of the West in 1979, while BNP merged with Paribas in 2000.

 Why It Matters: In a press statement, BMO added that when the

transaction is completed, it “will have a strong position in three of the top five U.S.
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markets, a footprint in 32 states, expanded national specialty commercial businesses

and a digital banking platform gathering deposits in all 50 states.”

Recommendations

These recommendations focus on areas that can help BMO enhance its services,

improve customer experience, and remain competitive in the evolving banking landscape:

Embrace Digital Transformation: Continue investing in digital technologies and platforms to

offer a seamless and user-friendly banking experience. Develop robust mobile banking apps,

online portals, and self-service options to meet the changing preferences of customers who

prefer digital channels for their banking needs.

Enhance Data Security and Privacy: Strengthen cybersecurity measures to protect

customer data from potential threats and ensure compliance with data privacy regulations.

Regularly assess and update security protocols, invest in advanced threat detection systems,

and provide customer education about online security best practices.

Personalize Customer Experiences: Leverage customer data and advanced analytics to

offer personalized financial solutions and tailored recommendations. Use artificial

intelligence and machine learning algorithms to understand customer preferences and

behavior, enabling proactive and targeted offerings that meet individual needs.

Expand Fintech Partnerships: Collaborate with fintech startups and innovative

technology companies to leverage their expertise and drive innovation in product

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development and service delivery. Explore partnerships that can help BMO offer new digital

solutions, streamline processes, and improve operational efficiency.

Invest in AI and Automation: Utilize artificial intelligence and automation

technologies to optimize internal processes, reduce operational costs, and enhance decision-

making capabilities. AI-powered chatbots and virtual assistants can assist customers with

routine inquiries, allowing staff to focus on more complex issues and providing faster service.

Foster Financial Literacy: Promote financial literacy among customers by providing

educational resources, tools, and workshops. Empower individuals to make informed

financial decisions and improve their understanding of banking products and services.

Sustainable Banking Practices: Embrace environmental, social, and governance (ESG)

principles and integrate sustainability considerations into business strategies. Offer green

banking products, invest in renewable energy initiatives, and support community

development programs to align with evolving societal expectations.

Strengthen Risk Management: Continuously enhance risk management practices to

identify, assess, and mitigate potential risks. Implement robust systems for risk monitoring,

stress testing, and scenario analysis to ensure resilience in the face of economic volatility and

regulatory changes.

Streamline Internal Processes: Evaluate internal operations and processes to identify

opportunities for streamlining, automation, and cost optimization. Implement agile

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methodologies and foster a culture of continuous improvement to drive operational efficiency

and enhance customer satisfaction.

Enhance Collaboration and Innovation: Foster a culture of collaboration and

innovation within the organization. Encourage cross-functional teams to work

together, share ideas, and explore new opportunities for growth and differentiation in

the market.

It's important to note that these recommendations are general in nature, and

specific strategies should be tailored to BMO's unique business context, market

position, and customer segments.

Conclusion

Recall the report objectives.

Summarize analysis and recommendations.

Write your final words for this work.

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References

Refernce BMO and Demica’s strategic alliance - Demica

Reference Banking Business Review 08 11 10.pdf (bmo.com)

Refernce BMO Acquisitions - Owler

Reference: BMO Confirms Agreement to Acquire LoyaltyOne's AIR MILES Reward

Program Business (newswire.ca)

Reference: BMO to Acquire Calgary-based Radicle Group Inc., a Leader in

Environmental Services (newswire.ca)

Bank Of Montreal Acquires Bank Of The West For $16.3B In Cash - Bank of

Montreal (NYSE:BMO) - Benzinga

Refernce: Bank Of Montreal Acquires Bank Of The West For $16.3B In Cash - Bank

of Montreal (NYSE:BMO) - Benzinga

Author’s last name, Initial(s). (Year of publication). Title of the book.

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