Updated on March 1, 5:00 p.m. ET
Investment demand continues to grow exponentially. Our call centre is seeing record volumes with more than double the historical amount of new accounts being opened and trades being placed. This momentum continues to build with with February volumes 10% higher than in January.
This spike in demand has negatively impacted our service levels. We know this is unacceptable. We are sharing the deliberate steps we’ve taken, and continue to take, to get your experience back on track.
The continued growth means we need to keep doing more, smarter and faster. We’re focused on both improving the call wait times, as well as your experience while you wait. We simplified and digitized processes to improve your experience, making it easier for you to move money, check your statements and open new accounts online. We quadrupled our call centre hiring and reallocated resources from across the bank to answer calls more quickly. We are also actively flexing capacity on our digital platform to provide reliable digital experience.
Last week, we:
Over the next two weeks, we are increasing the number of agents answering the phones by an additional 12%. We will be adding a “call back” feature in the spring so you donít have to wait on the phone for an agent Ė instead we'll call you.
Once wait times are at normal levels, we will focus on our ability to maintain service levels in the face of future demand spikes by increasing our capacity buffers. Our number one priority is to significantly reduce call wait times and deliver the experience you expect from us.
Thank you for your patience and continuing to choose BMO InvestorLine.