News

BMO downsizes branch with 'studio model'

May 1, 2013

Bank of Montreal has joined the growing list of banks that are "reimagining" the branch as a much smaller and much more economical customer service point. Next week, the FI will open its first "studio" branch in a Montreal condo building.

The compact BMO branch occupies a mere 900 square feet and is staffed by just four employees. BMO CEO William Downe said the studio branch acknowledges changing consumer banking habits. 

"So many of our customers now do 99 percent of their transactions online using mobile devices," Downe said after a speech to the Canadian Club covered by the Ottawa Citizen. "But when they want to sit down and talk to someone, they want to do it in a convenient location." He said the studio branch will fill that need. 

The new branch concept was tested in Quebec because of the reputation of its citizens as early adopters of new ideas. Following the launch of the initial Montreal location, BMO will embark on a plan to open 10–15 studio branches at a time in locations throughout Canada and the Midwest United States. 

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