BMO Helps Newcomers Make Real Financial Progress Through Nova Credit Partnership

TORONTO, September 3, 2024 – BMO today announced a new strategic partnership with Nova Credit, the leading cross-border credit bureau, to help eligible BMO customers access their international credit histories to gain greater access to credit products in Canada.

By integrating Nova Credit’s Credit Passport® into the credit application process, newcomers from nine countries – including Australia, India, Kenya, Mexico, Philippines, Spain, South Korea, Switzerland and the United Kingdom – can now access their international credit score to help establish credit in Canada. Credit Passport® seamlessly and securely integrates into a financial institution’s credit application process, enabling applicants’ foreign credit records and scores to be instantly accessed and translated. With access to trusted financial advice, tools and resources, newcomers can conveniently plan their journey and more easily transition their lives. 

“Understanding that building a life in a new country can be an exciting but complex emotional and financial journey, BMO’s partnership with Nova Credit builds on our ongoing commitment to helping customers make real financial progress wherever they are,” said Sumit Sarkar, Head, Customer Growth & Segments, BMO. “By providing convenient, personalized tools from pre-arrival and onwards, newcomers to Canada will be empowered to embark on their new journey with confidence and be ready to pursue their goals in their new home.”

"We are delighted and proud to announce our partnership with BMO, expanding our reach and support for newcomers in Canada," said Collin Galster, COO, Nova Credit. "Our collaboration with BMO underscores the necessity of lenders to serve all customers fairly and responsibly, and a reminder that financial inclusion for newcomers demands that opportunity is not limited by where a person comes from but rather where they are going."

This solution will first be available in select branches throughout British Columbia and the Greater Toronto Area, with plans to make the program available nationwide.

The strategic partnership with Nova Credit adds to a wide offering of innovative tools designed to help new Canadians make real financial progress. Newcomers also have access to CreditView® (powered by TransUnion), to check their credit scores and reports for free. This service provides newcomers with insights into their creditworthiness, essential for establishing financial stability in a new country. CreditView’s no-fee feature ensures that newcomers can stay informed about their credit health with ease and convenience. 

BMO continues to be a digital innovation leader in customer experiences that help newcomers to Canada make real financial progress. In 2024, BMO SmartProgress was recognized for Outstanding Use of Digital Channels for Improved Customer Experience by The Digital Banker Customer Experience Awards. In 2023, BMO’s NewStart® Pre-Arrival Account Opening program received the BAI Global Innovation Award and Qorus-Accenture Banking Innovation Award, underscoring BMO’s ongoing efforts to pioneer advancements in digital banking and reflecting the bank’s mission to provide an exceptional banking experience beyond borders.

BMO Helps Newcomers to Canada Make Real Financial Progress 

• BMO’s NewStart Program: BMO's NewStart program provides customers with a suite of best-in-class, personalized, no-fee banking products including, chequing and savings accounts, customized mortgage options, credit with no credit history, investments and worldwide money transfers to establish their finances.

• BMO SmartProgress: To help with their transition, BMO SmartProgress is a free online financial education program that provides newcomers with a customized, on-demand and interactive learning experience. This financial literacy platform is geared to help educate newcomers on the Canadian banking system and assist them in creating good financial habits while starting a new life. It features bite-sized content, including videos and tools, to allow newcomers to better understand complex financial topics, including budgeting and credit management, homeownership and investing in their future.

• BMO Newcomer Talent Program: BMO’s Newcomer Talent Program is a recruitment program for displaced persons, immigrants, and refugees, providing support and creating employment opportunities for newcomers to Canada and the United States. This program includes personalized recruitment pages that make it easy for jobseekers to introduce themselves to BMO and explore job opportunities in both Canada and the United States.

To learn more about how BMO can help customers make financial progress visit www.bmo.com/main/personal.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

About Nova Credit

Nova Credit is a cross-border credit bureau that is rewiring consumer financial data infrastructure with smarter credit analytics. It leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversions through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, SoFi, Appfolio, and Yardi, work with Nova Credit to reach new-to-country consumers with Credit Passport®, make smarter credit decisions through cash flow underwriting with Cash Atlas™, and quickly and accurately verify income with Income Navigator. Learn more at https://www.novacredit.com or reach out to connect@novacredit.com. 

Media contacts:

Anke Suwanda, Toronto, Anke.Suwanda@bmo.com, (416) 867-3996 

Sarah Levine, Prosek Partners, pro-novacredit@prosek.com