BMO Mobile App Gets New Pre-Authorized Payments Manager
BMO has just announced the launch of its new Pre-Authorized Payments Manager on its mobile banking app. The new feature provides an enhanced view of pre-authorized payments, including subscriptions attached to a BMO credit card.
A recent BMO survey found that 65% of Canadians with pre-authorized subscriptions on their credit card would benefit from a tracking tool to help manage their money, whereas 33% have paid for a subscription they do not use.
BMO is now the only bank that displays both past and future payments per credit card, helping customers keep track of their monthly credit card subscriptions by providing:
- A view of subscriptions in one place
- Details of past payments and estimated future payments from a list of authorized merchants
The launch of this feature will help address some of the insights revealed in BMO’s survey including:
- One-quarter of Canadians with subscriptions on their credit card have had issues managing them
- 21% of subscribers have been charged for subscriptions they have forgotten about while 20% have paid for subscriptions they no longer want.
- Among subscription holders, 45% recently cancelled a monthly subscription, most often because the free trial had ended
- 15% have cancelled subscriptions to save money in inflationary times.
According to the Insider Intelligence Canada Mobile Banking Emerging Features Benchmark 2022 study, the BMO Mobile Banking app currently ranks first among all big banks.