BMO launches AI agent to help credit card customers get answers

BMO has launched a new generative AI agent designed to handle complex customer service inquiries for its credit card holders. This move signals a shift in how major lenders manage customer support, moving beyond basic automated responses to more conversational, real-time problem solving. For retailers and operators who offer branded or co-branded credit cards, this technology could lead to higher customer satisfaction and fewer abandoned purchases. The AI agent is integrated into BMO's Virtual Connect contact center. It is designed to provide immediate answers regarding credit card transactions, account status, and billing issues. For your business, this means your customers are less likely to experience long hold times when trying to resolve a payment issue at the point of sale. If a customer’s card is declined or they have questions about a recent charge, they can now get resolutions via a digital interface rather than waiting for a human representative. This speed is critical for maintaining high conversion rates in high-ticket industries like home improvement or automotive, where payment friction often leads to lost sales. While currently limited to BMO's direct customers, expect this level of AI support to become the standard requirement for any lending partner you choose in the future.

Source: Finextra — Lending

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